Join Molly Murphy, Chief Investment Officer at OCERS, and Scott Chan, CIO of CalSTRS, as they explore the evolution of asset ownership. They discuss innovative investment vehicles like co-investments and NAV lending reshaping portfolios. Murphy and Chan highlight the shift from traditional models to collaborative strategies that enhance efficiency. They also delve into the complexities of direct investments and the importance of alignment among stakeholders, emphasizing how modern tools are empowering institutional investors in a dynamic landscape.
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insights INSIGHT
The Modern Asset Owner
Today’s asset owners are moving beyond the traditional endowment and Canadian models.
They are adopting a new, dynamic approach that offers more flexibility and control.
insights INSIGHT
Equity Orientation
The endowment model's core belief is in an equity-oriented portfolio, a departure from the fixed-income focus of the past.
This shift towards equities was considered reckless at the time but proved successful for long-term growth.
insights INSIGHT
The Essence of the Canadian Model
The Canadian model emphasizes building world-class organizations with robust investment capabilities.
This includes fostering innovation, repeatable process, and a risk infrastructure overseen by an independent board.
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Reframing Finance explores the shift in institutional investment strategies from traditional models to more collaborative approaches. The book examines the limitations of the endowment and Canadian models, highlighting the rise of innovative platforms and partnerships. It delves into the collaborative model, emphasizing the development of new investment vehicles and the importance of aligning interests between asset owners and investment partners. The authors analyze the benefits of direct investing, co-investments, and other strategies that enhance control and efficiency. The book offers valuable insights into the future of institutional investing and the evolving role of asset owners in shaping the financial landscape.
Pioneering portfolio management
An Unconventional Approach to Institutional Investment, Fully Revised and Updated
David Swensen
This book provides a comprehensive guide for actively managed investment portfolios, drawing from David F. Swensen's experience as Yale's Chief Investment Officer. It outlines an unconventional approach to institutional investment, focusing on non-traditional assets such as private equity and venture capital. Swensen offers insights into asset allocation, risk management, selecting investment advisers, and navigating market pitfalls. The book is filled with real-world examples and strategies that have contributed to Yale's endowment's remarkable annualized returns of 16.2 percent.
What do co-investments, secondaries, joint ventures, and NAV lending have in common? To some, they sound like complex investment vehicles - to us, they represent the cutting-edge tools reshaping how asset owners build portfolios. Gone are the days of relying solely on the binary choice between insourcing or outsourcing investment capabilities. Today’s institutional investors have a dynamic, customizable toolkit at their fingertips, empowering them to craft strategies that truly serve their stakeholders. Join industry leaders Scott Chan and Molly Murphy as they dive into this exciting evolution, unpack the innovative investment vehicles driving change, and discuss the challenges and opportunities in implementation.
Introduction: (0:48)
Halftime: (59:28)
Guests: (1:05:57)
Guests:
Molly Murphy, Chief Investment Officer, OCERS
Scott Chan, CFA, Chief Investment Officer, CalSTRS
Capital Decanted 