Capital Allocators – Inside the Institutional Investment Industry

Investors have played the game of telephone with David Swensen's Pioneering Portfolio Management. Re-reading his book offers insights that differ from interpretations of the Yale Model. Read Ted's blog  here .

Today's show is the most popular episode from our new podcast, Investment Management Operations. Subscribe to Investment Management Operations on Apple , Spotify , or wherever you listen to podcasts.  Host Scott McDonald interviews Jenn Birmingham, Managing Director at the Princeton University Investment Company (or PRINCO) Jenn exudes the concept of organizational alpha - how operations can integ...

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 Swe...

Next week, we'll release the first episode of Season 3 of Private Equity Deals, this time focusing on deals in the middle market. As an interlude between Season 2 and 3, this week's show is a classic – it's Bain Capital and KKR's take private of Hospital Corporation of America (HCA) in 2006.  The $33 billion club deal was the largest private equity transaction in history at the time and was signif...

Stan Miranda is the Founder and Chairman of Partners Capital, a $50 billion OCIO that started in 2001 as a solution for private equity founders. Earlier in his career, Stan spent 17 years at Bain & Company, rising to Chairman of the Worldwide Executive Committee and leading its private equity practice. Our conversation covers the founding of Partners, learning the endowment model from first princi...

Kimberly Sargent is the Chief Investment Officer of the Packard Foundation where she oversees $10 billion. She is a well-respected member of the Yale diaspora, having started her career under David Swensen. Our conversation covers Kim's time at Yale, some lessons learned from David Swensen, and her application of them and a lot more at Packard over fifteen years. Kim shares thoughts on a range of...

Today's Sponsored Insight features Michael Carmen, the Co-Head of Private Investments at Wellington Management. Wellington's Private Investment platform has $8 billion in committed capital investing across technology, consumer, health care, and financial services. Michael helped launch the firm's first private equity fund in 2014, bringing Wellington's broad scope to late-stage venture-backed comp...

Today's show is a panel about the merits of private equity. On one side is Sachin Khajuria. a former partner at Apollo and twenty-five-year veteran of the industry, who recently authored "Two and Twenty." Sachin was a past guest on the show discussing his book and that conversation is replayed in the feed. On the other is Brendan Ballou, a federal prosecutor who serves on the special counsel for p...

Sachin Khajuria is a former partner at Apollo and twenty-five-year veteran of private equity who recently authored "Two and Twenty," a fantastic insider's account of the private equity industry. Our conversation covers Sachin's rationale for writing Two and Twenty, the strengths of private equity, areas for improvement, and needs for change. We discuss the defining traits of the industry across th...

This WTT: Active Management Today is a Single Decision comes from a few conversations I've had recently with CIOs about the underperformance of long only managers who are underweight the magnificent seven. I got me thinking about the ramifications of stock index concentration on active management. Read Ted's blog  here .

After our recent podcast conversation, Matt Breitfelder, Partner and Global Head of Human Capital at Apollo, asked me if he could turn the tables and, in his words, interview the interviewer about interviewing. We did that and added a two-way conversation about public speaking. Our conversation covers my path to the podcast, preparation for interviews, components of what makes it work, and tips fo...

Kipp deVeer is a Director and Partner of Ares Management, the $30 billon market cap public company (ARES) that manages $360 billion in assets, including $250 billion in credit. Kipp joined Ares twenty years ago and serves as the Head of Ares Credit Group, CEO of the public BDC Ares Capital Corporation (ARCC), and a member of the Executive Management Committee. Our conversation covers Kipp's path t...

Seth Klarman is a legendary value investor and CEO and Portfolio Manager of The Baupost Group, an investment firm founded in 1982 that manages $27 billion. Seth authored the very out-of-print Margin of Safety and edited the recently released 7th edition of Graham and Dodd's value investing classic, Security Analysis. Our conversation covers Seth's early experience in business and investing, path t...

Today's sponsored insight features Ravi Viswanathan, Founder and Managing Partner of NewView Capital (NVC), a venture firm that created a disruptive model for strategic secondary investing that blends portfolio acquisitions with direct investing. Our conversation covers Ravi's path to the venture industry, lessons from fifteen years at NEA, catalyst for creating NVC, and the rationale and opportun...

James Aitken is the Founder of Aitken Advisors, a one-man macroeconomic consultancy based in Wimbledon, England that works with one hundred of the most influential pools of capital in the world. James has been a repeat guest on the show. Our very first conversation five years ago including his background and process, and the most recent one last year are replayed in the feed. If you search on the...

James Aitken is the Founder of Aitken Advisors, a one-man macroeconomic consultancy based in Wimbledon, England that works with approximately one hundred of the most influential pools of capital in the world. He has been a repeat guest on the show, sharing his deep understanding of the inner workings of the financial system. Our first conversation from back in 2018 including his background and pro...

Australian James Aitken is the Founder and Managing Partner of Aitken Advisors, a one-man macroeconomic consultancy based in Wimbledon, England that works with approximately one hundred of the most influential pools of capital in the world. James started his career in 1992 as a foreign exchange trader, moved to London in May 1999, and in March 2002 joined the infamous AIG Financial Products team i...

Porter Collins and Vincent Daniel are the founders of Seawolf Capital, their family office managed as an old school hedge fund. Previously, they were two of the three members of Steve Eisman's team at Frontpoint Capital and found themselves in print and on the silver screen as protagonists in Michael Lewis' The Big Short. Regulations prevent us from disclosing investment returns almost all the tim...

We're excited to announce a new podcast set to air next week under the Capital Allocators umbrella – Investment Management Operations. Subscribe to Investment Management Operations on Apple , Spotify , or wherever you listen to podcasts.  This show explores the inner workings of the most sophisticated institutions in the industry. We'll share conversations with key operating partners who don't typ...

This Sponsored Insight features Don Mullen. Don is the Founder & CEO of Pretium Partners, a $51 billion specialized investment firm he started in 2012 to focus on the U.S. housing, residential, and corporate credit markets. In a little over a decade, Pretium has rapidly grown to become one of the largest owners of single-family rentals in the country. Prior to founding Pretium, Don spent thirty ye...

Matt Breitfelder is a Partner and Global Head of Human Capital at Apollo Global Management, where he focuses on attracting and developing extraordinary talent and creating an innovative, high-performance culture. Matt previously served as Chief Talent Officer and member of the Operating Committee at BlackRock and is the co-author of numerous Harvard Business School case studies on leadership. Our...

"Nothing lasts forever" as the aphorism goes, and such is the case with permanent capital. The quirk in the theoretically sound concept cause some challenges for both managers and allocators. Read Ted's blog  here .

Eric Resnick is the co-founder and CEO of KSL Capital Partners, a private equity firm launched in 2005 that specializes in the travel and leisure industry. KSL seeks to create remarkable destinations and businesses that inspire joy and awe.  The firm manages $21 billion, including investments in Alterra Mountain Company, the second-largest ski company in the world and the creator of the Ikon Pass,...

Season 2 of Private Equity Deals concludes with one last name you know – luxury watchmaker Breitling. Ever wonder what happens when only the fourth owner of a 140-year old brand steps into the driver's seat – or in this case the pilot's seat?  Hop on over to Private Equity Deals on your podcast player to find out. Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube

Chris Sacca is one of the most accomplished venture investors of the last half century. He founded Lowercase Capital in 2010 and made seed stage investments in Twitter, Uber, Instagram, Blue Bottle Coffee, and Stripe. Lowercase's first fund famously became one of the highest returning venture funds in history and landed Chris at #2 on the Midas List in 2017. After retiring together with his wife C...