E86: Investing $20+ Billion for Nonprofit Institutions - Michael Miller

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