Private EquityCapital Allocators
Scott Ramsower, Head of Private Equity Funds at the Teacher Retirement System of Texas and ILPA Board Chair, joins Ted Seides to examine why institutional LPs have grown increasingly skeptical of continuation vehicles.…
- Texas TRS strips out synthetic DPI generated by continuation vehicles and NAV loans to evaluate GP performance strictly on real cash distributions from third-party buyers. Read →
- The institutional assumption that an unrealized company held at cost automatically yields a 2x return at exit has collapsed under higher capital costs and slower distributions. Read →
- According to Coller data cited by Ramsower, 54% of institutional limited partners expect the count of zombie funds in their portfolios to rise over the next two years, up from 28%… Read →
Private EquityCapital Allocators
Intapp President of Industries Ben Harrison joins Ted Seides to discuss the rise of 'firm AI' and agentic automation across private equity, legal, and professional services firms. Harrison explains how contextual agents…
- Public private equity firms are holding intake classes flat or cutting junior analyst and associate seats as software takes over core analytical tasks. Read →
- Ben Harrison separates frontier models like Claude and ChatGPT from firm AI designed to execute institutional workflows. Read →
- DealCloud and Intapp merged eight and a half years ago by uniting front-office origination tools with back-office risk management systems. Read →
Private EquityCapital Allocators
Tracy Britt Cool, co-founder of Kanbrick and former key deputy to Warren Buffett at Berkshire Hathaway, shares the lessons she learned transitioning from investing to operating portfolio companies like Pampered Chef. Sh…
- Mid-market companies typically depend on just 15 to 20 mission-critical roles to generate their returns, making mis-hires far more dangerous than in large conglomerates. Read →
- Kanbrick sourced four of its seven platform investments directly through an internal network of 4,000 mid-market business leaders. Read →
- Tracy Britt Cool and Brian Humphrey built Kanbrick with a 15-plus year horizon to target mid-market businesses producing $5 million to $50 million in earnings, stepping into a seg… Read →
Private EquityCapital Allocators
Erlina Yeo Terwelp, Managing Director at Columbia Investment Management Company, discusses her evolution as an allocator from investment banking, private equity, and family office investing to managing Columbia's privat…
- Columbia Investment Management Company operates a 15-person investment office under CIO Kim Lew, balancing generalist and specialist structures across asset classes. Read →
- Under former CIO Peter Holland, Columbia Investment Management Company evaluated allocations through raw factor underwriting: assessing equity beta, liquidity costs, and debt leve… Read →
- Institutional commitments bind LPs and GPs for a decade, making manager terminations rare, emotionally taxing, and operationally painful. Read →
Private EquityCapital Allocators
Stephen McLennan, Co-Chief Investment Officer of Ontario Teachers' Pension Plan, discusses managing asset allocation for the $300 billion fund responsible for 346,000 members. He outlines OTPP's dual-CIO structure, the…
- Ontario Teachers' Pension Plan manages $300 billion for 346,000 members, targeting a consistent 7% nominal risk-adjusted return to maintain plan solvency. Read →
- Ontario Teachers' Pension Plan maintains roughly 20% of its $300 billion total fund in inflation-sensitive assets, spanning public commodities, gold, private natural resources, an… Read →
- In 2024, Ontario Teachers' Pension Plan split its chief investment officer role into two distinct seats across its $300 billion portfolio for 346,000 members. Read →
Private EquityCapital Allocators
Charlie Rose, Global Head of Real Estate Credit at Invesco, discusses managing an $85 billion platform through a disciplined 'credit over yield' and property-first underwriting philosophy. He outlines why Invesco delibe…
- Charlie Rose manages an $85 billion real estate credit platform at Invesco with an explicit top-down directive to operate as an "AI first" organization. Read →
- Charlie Rose directs Invesco's $85 billion real estate platform primarily toward residential and logistics debt, stepping away from the AI data center financing wave. Read →
- Commercial real estate debt represents a $6 trillion market, ranking as the fourth largest fixed income asset class in the United States. Read →
Private EquityCapital Allocators
Nancy Zimmerman, co-founder and Managing Partner of Bracebridge Capital, discusses her multi-decade career in fixed income arbitrage, from learning options pricing at O'Connor & Associates to launching Bracebridge along…
- Tech hyperscalers are borrowing vast capital across any available maturity and currency, prioritizing speed and compute capacity over debt pricing. Read →
- David Swensen left behind a literal reminder of his core investment thesis at Yale: when colleagues cleaned out his office desk, they found a note card reading "People, people, pe… Read →
- Nancy Zimmerman launched Bracebridge Capital in 1994 alongside Gabe Sunshine with early backing from David Swensen at Yale, building a multi-decade edge in relative value fixed in… Read →
Private EquityCapital Allocators
Ted Seides interviews eight chief investment officers and senior allocators—ranging from solo single-family offices to multi-billion-dollar sovereign and pension funds—about how artificial intelligence is transforming t…
- Abby Barlow ran Westwood Management as a sole investment professional for three years without hiring junior staff by deploying Claude as a dedicated virtual analyst. Read →
- J.P. Morgan Asset & Wealth Management tracks $250 billion in alternative assets by applying autonomous agents directly to unstructured documents, from private placement memorandum… Read →
- Matt Bank revealed that GEM flipped its software budget within twelve months, moving from 90% third-party tools to 90% in-house software development. Read →
Private EquityCapital Allocators
Lauren Hochfelder, Global Co-Head of Real Assets at Morgan Stanley, discusses her 26-year career journey at the firm, the evolution of their real estate and infrastructure investment strategies, and their philosophy of…
- The aftermath of the Global Financial Crisis saw Morgan Stanley Real Assets in a crucible, with Lauren Hochfelder noting that "virtually everyone senior to me was gone and there w… Read →
- Morgan Stanley prioritizes senior housing, targeting the 80+ age cohort growing at nearly 5% annually, a direct play on robust demographic shifts. Read →
- Hyper-Local Execution: Morgan Stanley’s “magic” comes from highly embedded local teams that source and execute deals, translating global themes into granular market wins, as Globa… Read →
Private EquityCapital Allocators
The episode features an in-depth conversation with Michelle Knudsen, who discusses her career journey, including formative experiences at Goldman Sachs and Partners Capital. She details her recent work in rebuilding NYU…
- Michelle Knudsen's start at Goldman Sachs in the 2008 financial crisis ingrained a non-negotiable approach to portfolio management, prioritizing worst-case scenario planning and c… Read →
- NYU's $8 billion endowment underwent a complete "blank sheet of paper" rebuild under Michelle Knudsen, shifting from a conservative, bottom-up portfolio to a growth-oriented strat… Read →
- Michelle Knudsen, leading NYU's $8 billion endowment, explicitly warns against the "aggressive fundraising cycle in private markets" and the risk of FOMO propelling over-investmen… Read →
Private EquityCapital Allocators
Frank Danieli, from MA Financial Group, details the unique evolution of private credit in Australia and the broader APAC region, characterized by a wider definition beyond traditional sponsor-backed lending due to regul…
- Australia's private credit market evolved distinctively post-GFC, driven by stringent bank regulations that forced the historically dominant “big four banks” (controlling 80% of l… Read →
Private EquityCapital Allocators
Dambisa Moyo shares insights from her multifaceted career, including her roles on global corporate boards, in the House of Lords, and managing a family office. She discusses how her non-ideological upbringing shaped her…
- Board members must deeply internalize that “anything can happen,” from a CEO's sudden death to unexpected takeovers. Moyo, drawing from 15 years on boards like SABMiller, stresses… Read →
- Dambisa Moyo reveals how a pervasive 'evil corporation' narrative hinders progress. Learn why your startup needs to fight it and how to inoculate your brand. Read →
- Dambisa Moyo's non-ideological upbringing shaped her view on economics. Founders: kill your sacred cows and question 'one-size-fits-all' dogma to see the real market. Read →
Private EquityCapital Allocators
Pat Dorsey, founder of Dorsey Asset Management, discusses the evolution of his investment philosophy from his time at Morningstar to building his own concentrated global equity firm. He delves into the nuances of identi…
- Brands aren't all equal: some lower search costs (like Coca-Cola or Gillette), while others build consensual status and command high defection costs (like Hermès or Moody's). Unde… Read →
- Focus your energy on businesses with obvious "reinvestment runways" – where profits can be consistently plowed back into high-return internal projects, dodging the trickier proble… Read →
- Investor Pat Dorsey drastically shifted his focus from business moats to management quality, moving from a 60-70% moat weighting in 2014 to a similar weighting on management today… Read →