Harmonizing Assets: The Portfolio as an Orchestra

How do you run a $1B endowment with a lean five-person team — while balancing liquidity, access, and high-conviction relationships? In this episode, I speak with Geeta Kapadia, CFA, Chief Investment Officer at Fordham University, about how she manages a concentrated portfolio of 30–40 manager relationships, the lessons she’s learned resetting the portfolio for liquidity, and why she favors passive equities with selective active bets in emerging markets and developed ex-US. We also dive into the shortcomings of interval funds, when to say yes to continuation vehicles, and how Fordham leverages the Gabelli alumni network and a student venture fund to extend sourcing and diligence reach.

Highlights:

• Fordham’s endowment runs on ~30–40 core manager relationships.
• Portfolio was reset to improve liquidity without losing growth.
• Public equities are passive by default, with selective active in EM and ex-US.
• Interval funds fall short when redemption caps kick in.
• Continuation vehicles: default “yes” on merits, even if committees hesitate.
• DPI is more important than headline IRRs in private markets.
• At $1B, the edge comes from picking well, not chasing mega-funds.
• Building relationships from Fund II to secure later allocations.
• Gabelli alumni and student venture fund boost sourcing and diligence.
• Operator’s mindset: manage fees, portfolio roles, and energy like an orchestra.

Guest Bio:

Geeta Kapadia, CFA is the Chief Investment Officer at Fordham University, where she oversees the school’s ~$1B endowment. Prior to Fordham, she managed ~$5B at a healthcare institution. At Fordham, Geeta focuses on concentrated manager selection, liquidity optimization, and leveraging the university’s alumni and student networks to expand sourcing and talent pipelines.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

#VentureCapital #VC #Startups #OpenLP #assetmanagement

Stay Connected:

X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Geeta Kapadia: https://www.linkedin.com/in/geetakapadiacfa/

Links Fordham University: https://www.fordham.edu/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

(0:00) Introduction (0:43) Portfolio construction and relationship management at Fordham's endowment (3:17) Leveraging alumni for investment opportunities and fund manager relationships (7:27) Team management and portfolio evolution under Geeta's leadership (12:40) Incorporating semi-liquid interval funds and dealing with fund term extensions (19:29) Evaluating investment performance and transitioning to passive management (27:40) Asset allocation strategies and the role of behavioral finance (32:16) Building GP relationships and aligning with the endowment's mission (38:28) Identifying valuable GP-LP relationships and balancing EQ with IQ (44:33) Access vs. picking in private markets and mid-sized endowment challenges (49:18) Embracing first principles in fund selection and openness to being wrong (52:17) Admitting mistakes and balancing listening with decision-making (55:44) Conclusion and future outlook (56:01) Closing remarks