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) Introduction to Michael Miller and Crucial Partners (1:57) Investment Target Allocation Overview (3:41) Nonprofit Investment Strategies and Distribution Requirements (6:42) Private vs. Public Equity: Balancing Long-term and Short-term Investments (9:08) Asset Management Approach: Discretionary vs. Nondiscretionary (10:35) GP/LP Relationships and the Importance of Transparency (12:25) Embracing Inefficiency and Capacity-Constrained Managers (14:47) The Role of Sticky Capital in Asset Management (16:19) Leveraging Client Base to Access Top Managers (17:27) Understanding the True Priorities of LPs (19:01) Venture Capital in the Face of Political Activism and Social Media (20:50) Strategies for Building a Venture Portfolio in the Current Year (22:25) The Impact of Interest Rates on New Venture Investments (24:44) Nonprofits: Balancing Mission with Investment Returns (25:34) Investment Committee Dynamics and Composition (27:20) Addressing Incentive Issues within Nonprofit Committees (28:15) Fund Concentration and Client Allocation Strategies (30:07) Evaluating Spinouts and Early Investment Opportunities (33:45) The Concept of Aspirational Investing (34:45) Avoiding Conformity in Investment Decisions (36:03) Sticking to Core Principles for Long-term Success (36:28) Conclusion and Future Episode Teaser (36:40) Sponsor: Acme Investments