Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Ana Marshall – Preparing for the New Environment at Hewlett (Capital Allocators, EP. 288)
Jan 8, 2024
Ana Marshall serves as the CIO for The William and Flora Hewlett Foundation, managing a $13 billion portfolio. In this conversation, she dives into the challenges of inflation and private equity dynamics. Ana discusses the complexities of investing in China and navigating emerging markets. She shares insights on evolving ESG strategies and the importance of adaptive investment approaches. Finally, she reflects on her vision for the next five years, emphasizing the need for diverse perspectives and proactive risk management to stay ahead in a shifting landscape.
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Study CD&R's Deal Approach
- Allocators and PE professionals should study the CD&R deal.
- It blends venture, buyout, and growth equity with an operating partner model.
Unlearning Recent Rules
- Forget the last 14 years of investing rules.
- The current market resembles the pre-2008 era.
Pernicious Investing Practices
- Zero-cost capital assumptions are dangerous.
- Ignoring FX risk and illiquidity premiums led to distorted portfolios.