Investment Management Operations

Latest Episodes:

Sean Arp, COO – University of Wisconsin Foundation (EP.09) Sep 26, 2023

Show notes

Sean Arp is the Chief Operating Officer of the University of Wisconsin Foundation. He oversees all investment operations, analytics, reporting, technology, personnel, and strategic initiatives. Prior to joining UWF in 2022, Sean spent eight years at Washington University in St. Louis Investment Management Company (WUIMC) where he served as Chief Operating Officer. Before WUIMC he was Chief Operating Officer and Chief Compliance Officer at Temujin Fund Management and a Director at Thales Fund Management.

Our conversation details how investment operations work at an endowment from Sean’s time at WashU and Wisconsin Foundation. We discuss collaboration with the investment office, ODD, technology, the importance of networks, and governance.

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Byron Pavano, Fund Strategy and Counsel – Audax Group (EP.08) Sep 12, 2023

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Byron Pavano is a Managing Director of Fund Strategy and Counsel for Audax Group, one of the most active private equity firms in North America with $36B in assets under management.

Our conversation covers Byron’s path from outside counsel for private funds to inside counsel at Audax, insourcing vs outsourcing, the regulatory landscape across countries, and managing communications. We discuss AI disruption and use cases, the Audax deal process, and the operational interplay between the operations and investment teams. We close on ESG, DEI initiatives and advice on how high performers manage themselves and their relationships with investment-oriented founders.

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Ken Meister, COO – Evanston Capital Management (EP.07) Aug 29, 2023

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Ken Meister is a Founding Partner, President, and COO at Evanston Capital Management – a $4.3 billion hedge fund of funds focused on early-stage investment managers in complex, innovative strategy areas. Ken co-founded Evanston in 2002, and today oversees all business and operations of the firm plus operational due diligence. Before Evanston, Ken spent time at William Blair, Ameritech Corporation, and Northern Trust.

Our conversation covers Ken’s path to Evanston, its operational makeup, and the firm’s approach to ODD, technology, and communication. We close with Ken’s perspective on the hedge fund industry and advice to aspiring fund managers.

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Bipsync at UVIMCO (EP.06) Aug 24, 2023

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Today’s Sponsored Insight highlights Bipsync, the research management software that helps asset owners and managers optimize pre- and post-investment decision making.

We spoke with Annie Kerns and Blake Fischer from the University of Virginia Investment Management Company, known as UVIMCO. Annie leads investment operations and Blake oversees technology at the $14 billion endowment.

Annie and Blake offer a detailed case study on how investment technology decisions are made, the importance of sound research processes across the organization, and how Bipsync has fueled efficiency and collaboration at UVIMCO.

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Scott Pomfret, Best Practices in Fund Compliance (EP.05) Aug 15, 2023

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Scott Pomfret has seen every angle of the investment fund regulatory landscape. Scott spent 8 years as a branch chief for the SEC Division of Enforcement, leading teams investigating traditional and alternative asset managers. After a brief stint at PwC thereafter, Scott was the Chief Compliance Officer at Highfields Capital Management, a $12 billion value-oriented investment manager. Today, Scott advises private funds and vendors on regulatory, legal, and business issues.

Our conversation covers Scott’s tenure at the SEC, his transition to the private sector, and best practices for CCO’s and their firms. He discusses the relationship between compliance and investment staffs, building teams, and scaling operations. We close with Scott’s work on various boards and what might be the coolest piece of memorabilia in fund compliance circles!

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Jenn Birmingham, COO – Princeton University Investment Company (EP.04) Aug 01, 2023

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Jenn Birmingham is a Managing Director at the Princeton University Investment Company (or PRINCO), one of the world’s largest and most prestigious university endowments, where she has been leading efforts in finance and operations since 2010. Prior to PRINCO, Jenn spent over eight years at Deutsche Bank Asset Management where she was a Managing Director and Global CFO of DB Advisors and Deutsche Insurance Asset Management.

Jenn and PRINCO are a prime example of how operations can provide leverage to the investment organization. For context on PRINCOs investment philosophy, longtime and retiring CIO, Andy Golden, is a repeat guest on Capital Allocators, and his first appearance is replayed in the feed.

Jenn and I discuss her transition to the endowment world from Deutsche Bank and how PRINCO has evolved operationally since her arrival. We turn to the nuances of working at an endowment, collaboration across teams, and practical ways to drive adoption of new technology. We close by examining organizational challenges facing endowments today along with operational advice for emerging managers.

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[REPLAY] - Andrew Golden – Beyond the Long Term (Capital Allocators, EP.13) Aug 01, 2023

Show notes

Andy Golden is the President of Princeton University’s Investment Management Company (PRINCO). Having grown from $3B at the time of his arrival in 1995 to $22.5B today, PRINCO has been among the highest performing endowments in the world. Andy came to PRINCO from Duke Management Company, where he was an Investment Director, and received his formative training in the business working for David Swensen at the Yale University Investments Office. Andy currently serves on the fund Advisory Boards of several well-known private equity and venture capital managers, including Bain Capital, General Catalyst Partners, and Greylock Partners. He was a founding member of the Investors’ Committee of the President’s Working Group on Financial Markets and serves as a Trustee of the Princeton Area Community Foundation and Rutgers Preparatory School. Andy holds a B.A. in Philosophy from Duke University and an M.P.P.M. from the Yale School of Management.

Our conversation discusses Princeton’s endowment two decades ago and today, including its strategic advantages as an institution, shifts in thinking about asset allocation, decision making, team development, and partnership with managers. Andy’s long tenure in his seat, insight, and wisdom provides a treasure trove of information about how a top endowment manager practices his craft, and his subtle wit always keeps things light.

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Antoine Forterre, CFO – Man Group (EP.03) Jul 18, 2023

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Antoine Forterre is the CFO for Man Group, a $140 billion asset manager focused on liquid alternative hedge funds. Since recording, Antoine has passed off the official title of COO but still maintains responsibilities in HR, risk, and communications.

Our conversation covers Antoine’s career path to Man Group, the dynamic history of the firm, and managing regulations across a large global footprint. We discuss managing human capital, interfacing with clients and investment teams, and driving differentiation through technology. We close on headwinds facing new hedge funds and successful M&A integration for asset managers.

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Jennifer Choi, CEO – ILPA (EP.02) Jul 18, 2023

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Jennifer Choi is the CEO of Institutional Limited Partners Association (ILPA), a non-profit that engages, empowers, and connects limited partners to maximize their performance. Jennifer leads the implementation of ILPA’s responses to emerging issues impacting the industry. Prior to ILPA, she served as Vice President of Industry and External Affairs for the EMPEA.

Our conversation covers ILPA’s mission, engagement with LPs and GPs from an operations perspective, and pertinent topics to each. We dive into her views on standardization in the industry, technology, DEI and ESG, and how ILPA is supporting the industry on all fronts.

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Lauren Dillard, CFO – Vista Equity Partners (EP.01) Jul 06, 2023

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Lauren Dillard is the CFO of Vista Equity Partners, a private equity firm with over $96 billion in assets under management and over 20 years investing exclusively in enterprise software. Before joining Vista, she was the Executive Vice President of Nasdaq’s Investment Intelligence Division, where she oversaw the company's data, index, and analytics divisions. Prior to Nasdaq, Lauren spent 17 years at Carlyle where she served as the Head of the Investment Solutions unit and was a member of the Management Committee, and she began her career at Arthur Anderson’s tax practice.

Our conversation covers Lauren’s early career at Arthur Anderson and her transitions to Carlyle, Nasdaq and eventually Vista. We discuss the dynamics of being an executive in investment management, operational flexibility, outsourcing vs. insourcing, and internal deal processes. We close on the increasing sophistication of LPs and GPs and the importance of a growth mindset.

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