10+ hours of podcasts, in 5 minutes.
8 quotes from 1 episode on Capital Allocators, each with a timestamped link to the source.
Erlina Yeo Terwelp terminates private equity managers who chase fees by rapidly expanding fund sizes beyond their historical strategy. Factual misrepresentations or late-lifecycle partnership decay serve as secondary red flags for dropping a general partner.
Terminating long-term commitments with fund managers is the most difficult task for institutional allocators.
“Breakups are the hardest thing in this industry…”
From Why Columbia's Erlina Yeo Terwelp Fires Private Equity Managers
Staying with an underperforming general partner for too long is a common mistake for allocators.
“Some of the mistakes that I've made in the past amongst many is when you stay on the bus for too long. That can be hard.”
From Why Columbia's Erlina Yeo Terwelp Fires Private Equity Managers
Early AI venture vintages will produce large fortunes for investors.
“Where people feel good about AI, they are going to be fortunes made in this vintage…”
From Why Columbia PE Backs HALO Assets and Skips 2026 AI Concentration
Erlina Yeo Terwelp fires general partners when ballooning asset bases push funds into different strategies and outgrow historical deal sizes. Managers often chase fee-generating assets over net returns.
“Usually, the biggest reason is the idea that we think that they're in a different strategy, fund size increases that go way beyond what we feel is appropriate for the strategy…”
From Why Columbia's Erlina Yeo Terwelp Fires Private Equity Managers
End-of-lifecycle decay appears when retired founders hoard carry while top performers depart. Erlina Yeo Terwelp also considers any factual misrepresentation an absolute red line that ends the relationship immediately.
“The second reason is sometimes we feel that the manager's life cycle is towards the end…”
From Why Columbia's Erlina Yeo Terwelp Fires Private Equity Managers
“The last reason, and hopefully the reason that happens the least, is if we feel that the manager, this is a red-flag reason, has said something to us that was not accurate…”
From Why Columbia's Erlina Yeo Terwelp Fires Private Equity Managers
Costlier borrowing forces allocators to reject financial engineering. Columbia Investment Management Company prioritizes operational margin gains over cheap debt and multiple expansion.
“The biggest one, particularly for buyout, is higher interest rates…”
From Why Columbia PE Backs HALO Assets and Skips 2026 AI Concentration
“Vintage year diversification has always been important in venture…”
From Why Columbia PE Backs HALO Assets and Skips 2026 AI Concentration
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