Capital Allocators – Inside the Institutional Investment Industry Jay Ripley – Emerging Manager Selection at GEM (EP.470)
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Nov 10, 2025 
Jay Ripley, Head of Investments at Global Endowment Management (GEM), shares insights from his journey in investment management. He delves into the nuances of selecting emerging managers across various fund types, highlighting the shift from GP to LP roles. Jay discusses the importance of assessing spinoff motivations, the competitive dynamics of independent sponsors, and the role of network access in venture capital. He also emphasizes the significance of disciplined fund sizing and the intersection of AI and sourcing in identifying future talents.
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Early Access Drives Endowment Edge
- Emerging manager programs are central to endowment-style investing and drive long-term outperformance.
- Jay Ripley stresses early access yields superior economics and enduring relationships.
From Military Brat To Investor
- Jay describes his path from a military-brat upbringing to investment banking and private equity.
- He credits mobility and grit for tolerating uncertainty in investing.
Dispersion Is Where Alpha Lives
- Early-stage funds show much wider performance dispersion than larger, established firms.
- GEM hired Ripley to exploit that dispersion by backing emerging managers.