VC10X - Investing, Asset Management, Venture Capital, Private Equity, Family Office

LP10X - The inner workings of institutional pools of capital - Muthu Muthiah, CIO, Children's Healthcare of Atlanta (CHOA)

Mar 25, 2025

Muthu Muthiah, CIO of Children's Healthcare of Atlanta, oversees a $6.4 billion investment portfolio and has a rich background in institutional investment. He discusses the distinct approaches of endowments, pension funds, and foundations in asset management, weighing their motivations and strategies. Muthiah dives into the dynamics of his investment team and explores the S-curve of investing in venture capital. Listeners will gain insights into team structures, key investment levers, and the strategic allocation across various asset classes.

51:26

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Muthu Muthiah

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Quick takeaways

Institutional investors, like pension funds and endowments, adopt diverse asset management strategies based on their capital dependency and liability nature.

The role of the CIO is pivotal in balancing investment opportunities and risks while actively managing allocation and stakeholder engagement.

Deep dives

Categorizing Pools of Capital

Organizations can be categorized based on their dependence on capital, the nature of their liabilities, and their investment horizons. A high dependence on capital with fixed liabilities usually signifies a more conservative investment approach, often seen in pension funds. In contrast, endowments and foundations tend to have lower dependency and a more variable nature of liabilities, allowing for a more aggressive approach in equity and illiquid investments. This categorization helps investors align their asset management strategies with their organizational goals.

Intro

2min

Exploring a Two-Decade Journey in Institutional Capital Allocation

2min

Navigating Institutional Capital: Strategies and Challenges

14min

Navigating Asset Class Returns

6min

Navigating Team Structures in Asset Management: Generalists vs Siloed Models

6min

Exploring Capital Allocation: Equity and Fixed Income Strategies

2min

Navigating Institutional Investment in Venture Capital

19min

Muthu Muthiah is the CIO at Children's Healthcare of Atlanta (CHOA), one of the largest pediatric care providers in the United States. At CHOA, Muthiah leads the investment office, which manages the system’s long-term $6.4 billion investment portfolio. Previously Muthu has been in several allocator roles at different types of institutional pools of capital.

Links:
⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com
CHOA's website - https://choa.org/
Muthu Muthiah on LinkedIn - https://www.linkedin.com/in/muthumuthiah/

🎙️ Hosted by Prashant Choubey
Follow Prashant on LinkedIn - https://www.linkedin.com/in/choubeysahab

In this episode, we talk about:

- Difference in how Endowments, pension funds, foundations approach asset management and what are the primary motivations of each

- What are the key levers in asset management at institutions? (Liquidity, sustainability, growth, etc)

- How does the investment team look like at an institutional fund? What different types of people that work there?

- What are the different asset classes CHOA is invested in and the % allocation to each asset class

- How do endowments look at venture capital asset class?

- The S curve of investing

& lots more

Timestamps:

(00:00) Introduction

(04:19) Differences in approach to asset management among endowments, pension funds, and foundations

(07:05) Asset classes and allocation strategies for different institutional investors

(08:15) Role of a CIO in investment decision-making

(11:00) Key levers in asset management and performance

(13:07) Impact of global events and policy changes on asset allocation

(16:15) Approach to investing in different geographies, using India as an example

(17:50) Venture capital investment strategy and return expectations

(20:26) The S-curve of investment stages and return drivers

(23:53) Composition and structure of investment teams at institutional funds

(29:35) Percentage allocation to different asset classes at CHOA

(32:03) Investment cycles and return timeframes

(34:13) Venture capital asset class and manager selection criteria

(39:48) Approach to backing venture capital managers (direct vs. fund of funds)

(42:38) Openness to first-time fund managers

(44:17) Preferred venture capital stages for investment

(45:52) Biggest learning and advice for fund managers

(48:01) Rapid fire round covering sectors, regions, fund stages, commitment sizes, and contact methods

For sponsorship or guest appearance requests, write to prashantchoubey3@gmail.com

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VC10X - Investing, Asset Management, Venture Capital, Private Equity, Family Office

LP10X - The inner workings of institutional pools of capital - Muthu Muthiah, CIO, Children's Healthcare of Atlanta (CHOA)

Episode guests