Capital Allocators – Inside the Institutional Investment Industry

Shannon O’Leary – Relationship Capital Investing at St. Paul & Minnesota Foundation (EP.435)

Mar 10, 2025

Shannon O’Leary is the Chief Investment Officer of the St. Paul & Minnesota Foundation, managing $1.8 billion with a focus on community impact. She discusses the power of relationship-driven investing and candid communication. Shannon shares her transition from for-profit to philanthropy, emphasizing trust-building after staff changes. She reveals insights from bringing her daughter to manager meetings, highlighting the value of diverse perspectives. Lastly, she navigates the challenges of private market investing and outlines her personal aspirations.

59:50

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Shannon O’Leary

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Quick takeaways

Shannon O'Leary advocates for a relationship-driven investment strategy, emphasizing the importance of strong communication across various stakeholders to foster trust.

Her personal experiences, particularly with her father's dementia, shape her direct communication style, reinforcing the necessity for clarity in investment discussions.

O'Leary's shift to an internally led decision-making framework aims to heal team dynamics while navigating economic challenges and opportunities in private markets.

Deep dives

Shannon O'Leary's Investment Philosophy

Shannon O'Leary emphasizes a relationship-driven approach to investing at the St. Paul and Minnesota Foundation. She highlights the importance of strong communication across various stakeholders, including families, boards, and investment managers. This commitment to frank communication helps foster transparency and trust, allowing for easier discussions around policy-setting and manager selection. By prioritizing these relationships, O'Leary believes the foundation can effectively allocate capital to achieve its mission of social impact.

Intro

3min

Navigating Personal and Professional Landscapes

15min

Transitioning to Philanthropy: The Role of Community Foundations

2min

Rebuilding Trust in Investment Organizations

10min

Insights from Family in Business

18min

Navigating Private Market Challenges

7min

Personal Insights and Future Aspirations

4min

Shannon O’Leary is the CIO of the St Paul & Minnesota Foundation, where she oversees $1.8 billion for the community foundation that aspires to create an equitable, just, and vibrant Minnesota. Shannon took the post six years ago after twenty years working with families. She describes herself as ‘blunt,’ comfortably speaking her mind, including in her LinkedIn newsletter entitled ‘Say It Out Loud’.

Our conversation covers Shannon’s relationship-driven approach to investing across families, Boards, team members, and managers. We discuss the value of frank communication in every aspect of the investment process, from setting policy to manager access, research, selection, and partnership.

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