Capital Allocators – Inside the Institutional Investment Industry Top 5 of 2025: #3: Tim Sullivan
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Dec 29, 2025 
Tim Sullivan, a pioneering executive from Yale's Investments Office, shares wisdom from nearly four decades leading private equity and venture investments. He discusses Yale's unique approach to the private markets and the advantages of top venture firms. Tim reflects on critical moments like the 1987 market crash and the dot-com era, emphasizing the importance of operational talent and deal sourcing. He warns of the challenges facing private equity's future and offers insights on institutional allocations and the evolving landscape of venture capital.
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From Small Team To Institutional Scale
- Yale's investment office grew from a tiny team to a large, specialized organization over decades.
- Tim Sullivan attributes much of that change to scale, resources, and institutionalization of processes.
Knocking On Doors Built The Venture Roster
- Yale inherited early venture and buyout relationships and used them to expand into private markets.
- Within five years Tim and colleagues became investors with most of the top firms they targeted.
Feedback Loops Concentrate Talent
- Success in venture creates a powerful feedback loop that concentrates winners at top firms.
- Buyouts were harder to differentiate, which made operational capability a key advantage.