E111: KFF’s (Kaiser Family Foundation) CIO on their $700 Million Venture Capital Edge

Nov 12, 2024

Dean Duchak, Chief Investment Officer at KFF, shares insights from his 13 years at the foundation, emphasizing the importance of collaboration in endowments. He discusses the delicate art of balancing thematic investing, particularly in healthcare and AI, with diversification strategies. Duchak also highlights the critical role of fostering relationships with venture capital partners to stay ahead of market trends. His perspective on the challenges and opportunities of managing a $700 million endowment offers valuable guidance for institutional investors.

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Intro

00:00 • 2min

Navigating Asset Allocation

01:55 • 5min

Navigating Thematic Investing and Portfolio Diversification

07:08 • 3min

Navigating Investment Portfolios

10:27 • 5min

Strategic Insights on Venture Capital Investments

15:14 • 20min

Overcoming Educational Liabilities and Networking Challenges in Investment

35:26 • 2min

Dean Duchak, Chief Investment Officer at KFF sits down with David Weisburd to discuss the lessons learned from 13 years at KFF, how to create a culture of collaboration in endowments, and Dean’s perspective on diversifying investment strategies.

The 10X Capital Podcast now receives more than 170,000 downloads a month. Are you interested in sponsoring an episode? Please email me at David@10xcapital.com.

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SPONSOR:

Carta is the all-in-one suite for private fund operations. Carta’s software-based approach takes fund administration out of the spreadsheet and into the modern age with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to the next level. Learn more at: https://z.carta.com/10xpod

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X / Twitter: @dweisburd (David Weisburd) @KFF (KFF)

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LinkedIn:

David Weisburd: https://www.linkedin.com/in/dweisburd/ Dean Duchak: https://www.linkedin.com/in/deanduchak/ KFF: https://www.linkedin.com/company/kfforg/

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Links: KFF: https://www.kff.org/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (2:41) Diversification and macroeconomic impacts on assets (7:07) Exploring thematic investing strategies (8:29) Sponsor: Carta (9:21) GP relationship-building for macro insights (11:54) Evaluating GP performance versus salesmanship (15:14) Pros and cons of managing a smaller endowment (17:17) Focus on venture capital in private allocation (20:47) The contrarian stance on venture capital liquidity (22:24) Investigating the persistence of venture capital returns (23:58) Asset gathering concerns and tax policy implications (27:22) Strategies for portfolio diversification (29:43) Approaching investments in new asset classes (31:27) KFF's key lessons and insights (33:09) Developing skills for new institutional investors (36:50) Closing remarks