Capital Allocators – Inside the Institutional Investment Industry Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
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May 16, 2022 Larry Kochard, CIO at Makena Capital Management, shares insights from his impressive career, including roles at the University of Virginia and Georgetown University. He discusses the transition from managing endowments to leading an OCIO firm, tackling investment strategies, and the importance of team collaboration. Kochard explores emerging markets' challenges, the fine balance needed in crypto investments, and the significance of communication within teams. His perspective on market risks and opportunities provides a seasoned view for investors navigating today’s complexities.
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Transition to Makena
- Larry Kochard transitioned to Makena Capital about four and a half years ago.
- He slowly shifted the team towards a generalist model and adjusted asset allocations, like increasing venture capital.
OCIO vs. Endowment
- Leading an OCIO, like Makena Capital, differs from an endowment in client interaction.
- An OCIO involves more dialogue with multiple clients to ensure comfort with investment risks.
Specialist vs. Generalist
- Kochard believes in playing to team members' strengths while encouraging broader curiosity.
- He fosters collaboration across asset classes, finding interesting strategies often lie outside neat categories.