Building Collaborative Investment Relationships

Mark Wade leads strategy and investments at CAZ Investments, a Houston-based firm managing approximately $10 billion in assets. In this episode, we unpack the evolution of the alternatives landscape, the rise of evergreen funds, and what it means to lead with alignment—starting with $700 million of insider capital invested alongside clients. Mark gives a candid look at how CAZ sources differentiated deals, manages risk through the “CAZ Case” downside model, and builds trust by investing alongside 7,000+ LPs. We also dig into how the firm leverages NAV-based leverage, the growing appetite for alternatives from RIAs, and why humility is essential when allocating capital. If you're an allocator, an advisor, or simply trying to understand where private markets are headed, this episode is packed with insights from one of the most thoughtful voices in the space.

Highlights:

• The origins of CAZ Investments and how it scaled to $10B AUM
• Why Mark believes the RIA channel is the future of wealth advisory
• How CAZ gains access to top-tier deals—and why being the “first call” matters
• Explaining the CAZ Case: their rigorous downside underwriting model
• Why advisors must lead with conviction to retain and win clients
• The mechanics and benefits of NAV-based leverage
• Evergreen vs. drawdown funds—when and why each structure matters
• How alignment of interests drives investment outcomes
• Why top decile managers operate under an entirely different paradigm
• The future of consolidation in private markets and what it means for allocators
• Mark’s view on Tony Robbins becoming a strategic partner and investor in CAZ
• The surprising edge of having 7,000 investors in all 50 states and 36 countries

-- Guest Bio: Mark Wade is a Partner at CAZ Investments, where he leads investment strategy and firm initiatives. Since joining CAZ in 2013, Mark has helped the firm expand its presence across asset classes, with a particular focus on GP stakes, energy, and professional sports. Prior to CAZ, Mark earned his MBA from the Rice University’s Jones Graduate School of Business. CAZ is known for its alignment-first model—deploying more than $700 million of insider capital alongside its LPs across a range of alternative investments.

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LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Mark Wade: https://www.linkedin.com/in/mark-wade-caia-334b951b/

Links CAZ Investments: https://cazinvestments.com/

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

(0:00) Episode preview (2:09) The growing demand for alternatives in the high net worth space (5:14) Comparing independent advisers and wirehouses (8:21) The rise of alternative investments and regulatory impacts (12:01) CAZ's investment strategy and leveraging funds (19:14) Drawdown vs. evergreen fund structures and management (26:27) Evergreen fund valuation and GP-LP interest alignment (33:53) Encouraging junior team investments and diversified LP advantages (38:47) Building partnerships and obtaining honest references (44:04) Maintaining investment strategy vigor and flexibility (47:00) Trust-building and strategic partnership importance (50:33) Co-investment tactics and humility in due diligence (56:02) CAZ case study on downside protection (59:22) Emphasizing downside protection for sustained success (1:01:01) Navigating game selection in investment strategies (1:03:57) Predicting future trends in private asset markets (1:07:59) Strategic impact of relationship with Tony Robbins (1:10:48) Key lessons from early career experiences (1:13:00) Philanthropy's role in personal and professional success (1:16:29) Building meaningful, long-term relationships (1:19:19) Final thoughts on long-term thinking in market selection (1:19:44) Closing remarks