Dry Powder: The Private Equity Podcast
A $140 Trillion Riddle, Wrapped in a Mystery, Inside of an Enigma
Dec 7, 2023
Ashby Monk, executive director of the Stanford Research Initiative on Long Term Investing, talks about optimizing investments for pension funds, sovereign wealth funds, and foundations. He explores the challenges faced by investors in the private equity industry and discusses the importance of understanding the asset allocation and implementation approach of pension funds. Monk also emphasizes the criteria that limited partners consider when evaluating general partners.
18:35
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Quick takeaways
- Pension funds, sovereign wealth funds, and endowments have different investment strategies and philosophies despite appearing similar.
- LPs investing in private markets face challenges such as data management, alignment of interest with GPs, and meeting demand from pension funds.
Deep dives
LPs as Civil Society Organizations with Unique Optimization Priorities
Dr. Ash B. Bunk discusses the complexity of classifying pension funds, sovereign wealth funds, and endowments, which he refers to as civil society organizations. Despite seemingly similar investment models, these LPs differ significantly in terms of philosophy, liabilities, and client base. Detailed granular information about each organization is needed to truly understand their investment strategies.
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