Capital Allocators – Inside the Institutional Investment Industry

Latest Episodes:

JUST RELEASED: Blue Triton Brands on Private Equity Deals Mar 01, 2023

Show notes

Listen to Blue Triton Brands on Private Equity Deals.

On the second episode of season 2 of Private Equity Deals, Scott Spielvogel from One Rock Capital discusses their carveout of Blue Triton Brands, a business that formerly comprised Nestle Water North America. Its brands collectively have the top market share in North American bottled water and include Poland Spring, Deer Park, Arrowhead, Pure Life, Origin, and a host of others. Are you ever curious about the ownership and industry around the bottled water you drink all the time? Search for Private Equity Deals on your podcast feed and subscribe to learn more about bottled water and other names you know in season two. Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube

Venture Capital Panel – Beezer Clarkson, Chris Douvos, and Joelle Kayden (Capital Allocators, EP.299) Feb 27, 2023

Show notes

Beezer Clarkson, Chris Douvos, and Joelle Kayden are three of the most respected investors in venture capital funds, manning their forts at Sapphire Ventures, Ahoy Capital, and Accolade Partners, respectively. Each is a past guest on the show and we're replayed those conversations in the feed.

In a far more challenging environment after last year's public market growth selloff and tightening of purse strings in private markets, we convened to discuss the state of the venture capital industry. Our conversation covers what got us here, re-up and new fund decisions facing allocators, challenges for venture capitalists and their portfolio companies, funding discipline across stages, dry powder, tourists exiting the game, and valuations. We discuss the potential winners and losers coming out of this trough and close with exciting opportunities and a current perspective on the blockchain.

For full show notes, visit the episode webpage here.

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[REPLAY] Joelle Kayden – Canvassing the Landscape at Accolade Partners, Venture is Eating the Investment World 7 (Capital Allocators, EP.235) Feb 27, 2023

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My guest on the 7th episode of Venture is Eating the Investment World is Joelle Kayden, the Founder and Managing Partner of Accolade Partners, a $3.6 billion venture fund of funds that invests across early stage, growth, blockchain, and empowerment strategies and one of the most respected firms in the business. Our conversation covers Joelle's nearly two decades in technology investment banking, the launch of Accolade into the dot.com bubble, and its evolution over twenty years. We then discuss her perspectives on the four ways to win in venture capital, assessing culture, adding value as an LP, portfolio construction, re-upping decisions, and investing in the current environment. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

[REPLAY] Beezer Clarkson – Sapphire Gem of Early Stage Venture (Capital Allocators, EP.120) Feb 27, 2023

Show notes

Beezer Clarkson is Managing Director at Sapphire Ventures where she is responsible for the management of Sapphire's fund investments in early stage venture funds globally. Her career through direct and fund investing has left her with unusually deep knowledge and insights in the space.

Our conversation starts with Beezer's meandering career and turns to her work at Sapphire, including its structure and unique relationship with SAP, Series A investing, winnowing through a massive funnel of fund opportunities, the due diligence process and re-underwriting process, implications of companies staying private longer, and #OpenLP, a public forum to hear the voice of VC LPs that Beezer created with past podcast guest Chris Douvos.

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[REPLAY] Chris Douvos – Venture Capital's Super LP (Capital Allocators, EP.14) Feb 27, 2023

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Chris Douvos is Managing Director at Venture Investment Associates, a fund that invests $1B in commitments to venture capital funds. Chris is responsible for the management of relationships with the funds' managers and the identification and development of new manager relationships. He is the author of an entertaining blog about venture capital entitled SuperLP – Adventures in Investing, available at SuperLP.com. Prior to joining VIA, Chris spent seven years co-heading the private equity program at The Investment Fund For Foundations, or TIFF. In this role, he was responsible for another $1 billion in new capital commitments. Before joining TIFF, Chris worked on Princeton University's endowment team. He started his career as a strategy consultant at Monitor Company. He is a graduate of Yale University and the Yale School of Management. Our conversation starts with Chris' path to venture capital, through strategy consulting, investment banking and an endowment investment office. We talk about perception and reality in venture investing, exciting areas of future innovation, and the nuts and bolts of research, portfolio construction and decision making when running a portfolio of venture funds. When Chris pulls off his suit, the red undershirt of the Super LP remains. He's a charismatic guy with great insight into how the venture capital game is played and draws many parallels from venture to investing in general. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Dan Ivascyn – Fixed Income in the Limelight Again (Capital Allocators, EP.298) Feb 20, 2023

Show notes

Dan Ivascyn is the Group-CIO of PIMCO, the legendary bond shop with nearly $2 trillion in assets under management. Dan arrived at PIMCO 25 years ago and assumed the Group-CIO seat in 2014, where he leads portfolio management for the firm's income strategies, credit hedge fund, and mortgage opportunistic strategies.

Today's guest host is Ana Marshall the CIO of the $13 billion Hewlett Foundation and a repeat guest on the show. Ana has a longstanding relationship with Dan and PIMCO and leads us on a tour of the state of the fixed income markets and the role of the asset class in institutional portfolios.

Investment products contain risk and may lose value. There is no guarantee that an investment product will be successful in achieving its objectives. Investors should consult their investment professional prior to making an investment decision. This podcast is brought to you by Capital Allocators. This commentary contains the opinions of the speakers and not necessarily those of PIMCO and such opinions are subject to change without notice. This recording may include discussions of investment strategies. These discussions are for illustrative purposes only and may not be appropriate for all investors. The discussions are not based on any particularized financial situation, or need, and are not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other strategy, product or service. Individuals should consult with their own financial advisors to determine the most appropriate allocations for their financial situation, including their investment objectives, time frame, risk tolerance, savings and other investments.

For full show notes, visit the episode webpage here.

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JUST RELEASED: Fenway Sports Group on Private Equity Deals (Season 2) Feb 15, 2023

Show notes

Season 2 of PE Deals starts this week with Fenway Sports Group. On Season 1, we shared stories of eight recent deals conducted by some of the premier private equity firms. The show already has received accolades as the #1 must-listen podcast for private equity dealmakers. In season 2, we're shifting from sponsors you know to companies you know. Our first episode releases today. It's a discussion of Fenway Sports Group with Arctos founder Ian Charles and FSG's President & CEO, Sam Kennedy. FSG is a holding company that includes ownership stakes in the Boston Red Sox, Liverpool Football Club, Pittsburgh Penguins, and a host of related real estate and media assets. Subscribe to Private Equity Deals on your favorite podcast player to listen in. Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube

José E. Feliciano – Flexible Private Market Investing at Clearlake (Capital Allocators, EP. 297) Feb 13, 2023

Show notes

José E. Feliciano is the Co-Founder and Managing Partner of Clearlake Capital Group. Clearlake manages $75 billion in assets in a flexible strategy across private equity, credit, and special situations in the technology, industrial, and consumer sectors. Our conversation covers José's background, operational experience, and launch of Clearlake in 2006 to pursue a flexible strategy. We turn to the challenges and drawbacks of Clearlake's flexible investment approach, its investment process, ownership model, and trajectory growing from $3 billion in assets after ten years in business to $75 billion six years later. We close by discussing capital transactions for GPs, continuation funds, current opportunity set, Clearlake's investment in Chelsea Football Club, and permanent capital structures. 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

Brian Philpot – Financing Farmers at AgAmerica (Capital Allocators, EP. 296) Feb 09, 2023

Show notes

Today's show is a sponsored insight from AgAmerica, the largest independent agricultural loan lender and servicer in the US. I sat down with President and CEO, Brian Philpot. Brian invested for twenty-four years in timberland, agricultural, and real estate before turning to a sole focus on farmers. AgAmerica helps farmers thrive in good times and sleep well in tough times, having originated $2 billion of loans in the past two years. Our conversation covers Brian's background and path to focusing on the farmer. We discuss the opportunity set in farm lending and investing, inefficiencies in the market, and AgAmerica's investment process across sourcing, diligence, structuring, operations, and risk. We close discussing the future of farming and AgAmerica's business to support the farmers making it happen

For full show notes, visit the episode webpage here.

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Marshall Boyd – Meat and Potatoes Multi-Family Real Estate at IEC (Capital Allocators, EP.295) Feb 06, 2023

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Marshall Boyd is the Co-President and CIO at Interstate Equities Corporation, a real estate investment firm that manages $1 billion focusing exclusively on multi-family apartments on the California coast. IEC is one of those little-known gems for those in the know. It's an endowment darling with just a dozen or so of the most elite LPs in the business exploiting an attractive, little corner of the investment world. Our conversation covers Marshall's path to IEC and steps to turn a family boutique into an institutional business. We discuss firm's investment thesis, sourcing, due diligence, deal dynamics, value-added operations, and exit strategy. We close covering risks to the strategies and lessons learned along the way.

For full show notes, visit the episode webpage here.

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