Michael Miller, CIO at Crewcial Partners, sits down with David Weisburd to discuss how nonprofit institutions invest, how they think about portfolio construction, and how they manage liquidity.
(0:00) Episode preview
(1:14) Overview of Crewcial Partners
(2:18) Portfolio breakdown across private assets
(3:23) Investing in asset classes when they’re out of favor
(4:41) Managing portfolio liquidity
(6:42) Optimization of private and public equity exposure
(7:33) Role of fixed income in the portfolio
(8:44) Diversification strategies of top LPs
(10:00) Investing discretionary and nondiscretionary assets
(11:12) Embracing inefficiency
(13:25) Securing GP allocations
(15:22) Manager selection
(17:27) Understanding LP psychology and priorities
(19:01) Political activism in VC
(22:25) Fund distributions and liquidity
(24:44) Investment committee dynamics at nonprofits
(27:20) Follow & subscribe to the 10X Capital Podcast
(27:41) Managing fund investment concentration risks
(30:07) Pros & cons of spinouts
(31:59) Advantages to investing in funds early
(34:45) The importance of non-conformity for high returns
(35:55) Closing thoughts
