Capital Allocators – Inside the Institutional Investment Industry WTT: Yale Backs Emerging Managers… and Then What?
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Oct 25, 2024 The discussion dives into Yale's innovative Prospect Fellowship, aimed at nurturing emerging managers through capital and mentorship. It highlights the motivations behind the program and the potential risks of oversubscription. The talk addresses the challenges participants may face while underlining Yale's impressive history of identifying promising investment talent. Exciting prospects and unintended consequences are explored, making it a pivotal moment for emerging managers in the investment landscape.
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Yale's Motivation
- Yale's endowment aims for outstanding investment results.
- Publicizing the Prospect Fellowship brands Yale as a go-to capital source for new investment founders.
Yale's Risk
- Despite past success, this program differs significantly from previous early-stage investments.
- The high volume of inbound interest may challenge Yale's ability to maintain its historical success rate.
Swenson's Successes
- David Swenson's successful investments include early backing of Farallon, Bracebridge, and Lone Pine.
- He also invested early in firms like Hill House, Overlook, Silchester, and various venture capital and private equity firms.