

Jeffrey Collins - Uncorrelated Private Assets
25 snips Aug 25, 2025
Jeff Collins, Managing Partner of Cloverlay, shares his expertise in niche private assets that promise uncorrelated and predictable returns. He discusses unique opportunities in telecom spectrum auctions and dark fiber investments, highlighting their strategic advantages for smaller investors. Jeff emphasizes the significance of understanding correlation in portfolio management and reflects on past investments to inform future strategies. Throughout the conversation, he reveals insights on regulatory changes and the evolving landscape of private assets, providing valuable lessons for institutional investors.
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Purpose-Built Uncorrelated Private Assets
- Cloverlay buys tangible or intangible private assets that fall outside typical PE/VC/infrastructure boxes.
- Jeff Collins says they build portfolios of niches to deliver predictable, uncorrelated returns.
Screen For Embedded Correlation
- Evaluate each opportunity by its embedded correlations before investing.
- Build diversified private portfolios so small correlations don't create systemic beta.
Early Sports Rights Entry In 2020
- Cloverlay invested in Big Four sports media rights during 2020 when stadiums were empty and institutional capital was absent.
- They realized first-mover gains as leagues later opened access and valuations rose.