The Don't Get Fired Podcast by Stanford Long-Term Investing

OCERS Molly Murphy: The Public Pension Approach To The Innovation Economy

Apr 18, 2024
Molly Murphy, Chief Investment Officer of the Orange County Employees Retirement System (OCERS), shares her expertise in navigating the venture capital landscape. She discusses innovative strategies for public pension funds to engage with the evolving innovation economy. The conversation highlights the unique cash flow dynamics of OCERS, the need for collaboration with consultants, and how to overcome challenges in aligning pension investments with venture capital. Molly emphasizes the importance of building relationships to achieve sustainable returns and foster innovation.
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ANECDOTE

Molly Murphy's VC Journey

  • Molly Murphy shared her personal experience moving from a healthcare CIO role to a public pension CIO role.
  • She faced challenges breaking venture capital biases against pension plans despite her expertise.
INSIGHT

VC Needs Long-Term Capital

  • Venture capital requires long-term capital due to its long maturation period.
  • Public pensions, especially those with long investment horizons, are uniquely suited partners for venture capital.
INSIGHT

Barriers Linking Pensions to VC

  • Public pensions face many barriers in venture capital including transparency concerns and scale issues.
  • Collaboration and new models are needed to connect large capital pools with the innovation economy.
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