Private Capital

Today we have Mark Hurley, who recently co-authored a white paper called Welcome to the Jungle: The Next Phase of the Evolution of the Wealth Management Industry. Mark has written several influential papers over the years, and makes some intriguing and provocative points. We go into the mechanics of the wealth management business, how to find talent, discuss the ten-year acquisition spree in the industry, and the challenges of a wealth management business which is transitioning from a club-like place to one that is far more competitive.   Mark is currently CEO of Digital Privacy and Protection, a cybersecurity company. He was the Chairman and CEO of Fiduciary Network, a well know firm that provided capital for internal transitions, acquisitions, and MBOs of Registered Investment Advisors. Prior to that he was CEO of Undiscovered Managers, a mutual fund company, and started out at Goldman Sachs. Mark was educated at the United States Military Academy at West Point and has an MBA from Stanford.   Digital Privacy and Protection:  https://www.dpripro.com   Welcome to the Jungle: The Next Phase of the Evolution of the Wealth Management Industry: https://www.dpripro.com/research/yhxohtca3dvhxbc69uh2xqhgi5ynen-jzsww   NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2024 Joe Reilly

Steffen Pauls is a serial entrepreneur with a long background in the private equity industry.  His career started at BCG; he started and sold a fintech company during the dot com era; worked at KKR when it was still a small firm and grew along with it; and then left to start his own company in 2016 called Moonfare - which is a private equity investing platform making top-tier funds available to retail and institutional investors at lower minimums.  Steffen got his bachelor’s degree from the University of Mannheim with high distinction and his PhD in Economics from the University of Trier. We talk about his exciting educational and entrepreneurial journey, what KKR was like when it all fit in one room, the challenges of starting a company and getting initial traction, the technological challenges of building a private equity platform, and what he thinks about the future of the space. Please enjoy my interview with Steffen Pauls. Moonfare:  https://www.moonfare.com/us Twitter:  https://twitter.com/steffenpauls Moonfare Deal Talk:  https://podcasts.apple.com/il/podcast/deal-talk-interviews-with-private-equity-leaders/id1689571193 NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it. ©2024 Joe Reilly

Casey Whalen shares valuable lessons from David Swensen, focusing on alignment in investment programs, the importance of frameworks, private investments, and customized portfolios. The podcast delves into her impressive investing career, mentorship experiences, and strategic shifts in investment approaches, offering insights into navigating committee dynamics, managing relationships with investment managers, and generating alpha in investment strategies.

Today we are speaking to Ryan Eisenman, co-founder and CEO of Arch, a leading fintech startup that is a digital administrator for private investments.   I thought it would be great to catch up with Ryan to get a look under the hood of a rapidly growing B2B SaaS company tackling one of asset management’s persistent back office issues such as K-1s and capital calls, as well as a look at how their focus on product and customer experience can help you stand out in the burgeoning fintech space.  As someone who has personally struggled from the deluge of unstructured data in a family office, I am always interested in how technology can solve this ultimate of pain points in a family office or RIA, and Ryan and his team are on the cutting edge of applying new technology, including AI to this area.  We hear his founder story and how he and his co-founders Jason Trigg and Joel Stein have approached pricing, market fit, handling data, and all the different types of customers and their individual challenges.  Right after we recorded this interview, Arch closed a $20 million Series A led by Menlo Ventures, with Craft Ventures, Quiet Capital, Citi Ventures, and Focus Financial joining.  The group has over 200 customers managing over $60 Billion. Ryan Bio: Ryan Eisenman is the co-founder and CEO of Arch, a digital solution for managing private-market assets like private equity, venture capital, and real estate. What started as a solution for collecting K-1s is now used to automate portfolio management and analysis by over 200 institutional clients, private offices, and investment advisors,  including one of the three biggest US banks. Ryan is a Houston native, graduated from Vanderbilt University with a degree in Human and Organizational Development, and lives in New York City, where Arch is based.  WEBSITE:  arch.co FOLLOW RYAN: https://twitter.com/Ryeisenman NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it. ©2023 Joe Reilly

Today we have Jon Hirtle, founder and executive chairman of Hirtle, Callaghan & Co, a $20 billion  OCIO firm.  I was especially interested to talk to Jon because he is a real process guy, and has been thinking deeply about managers and portfolios for over thirty years.  John trained recruits at Paris Island, worked at Goldman, and left with no clients to become a pioneer in what came to become the OCIO business.  We discuss prediction markets, what he learned from the Mellon family office, and his concept of looking for an “uninterrupted chain of logic.” Jon is a regular commentator on national media and is best known for his role in pioneering the outsourced CIO (OCIO) model for families and institutions. Prior to founding Hirtle Callaghan, Jon worked at Goldman Sachs advising family groups and institutions on investment strategy and securities selection. Previously, he served as an officer in the United States Marine Corps. He earned his B.S. and M.B.A. degrees from the Pennsylvania State University. Please enjoy my interview with Jon Hirtle. Full Bio: Founder and Executive Chairman of Hirtle, Callaghan & Co. In his role as Executive Chairman, Jon continues his intense focus on producing ever-better net outcomes for clients. Working closely with the Hirtle Callaghan Investment Strategy Group, he developed the firm’s investment philosophy which he distilled into four cornerstone principles. Jon appears regularly on national broadcast networks including CNBC, Fox Business, and Bloomberg Television. He is highly sought after for his commentary on investing and was dubbed the "Oracle of Outsource" by Pensions & Investments as Hirtle Callaghan is best known for his role in pioneering the outsourced CIO (OCIO) model for families and institutions. Prior to founding Hirtle Callaghan, Jon worked at Goldman Sachs advising family groups and institutions on investment strategy and securities selection. Previously, he served as an officer in the United States Marine Corps. He earned his B.S. and M.B.A. degrees from the Pennsylvania State University. Hirtle Callaghan & Co:  https://www.hirtlecallaghan.com NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2023 Joe Reilly

AI for Portfolio Insight Jan Szilagyi is the CEO and co-founder of Toggle AI, a generative AI startup that uses machine learning to turn institutional-grade data into insights for investors of all stripes. Szilagyi spent most of his career with Stanley Druckenmiller at Duquesne Capital. He was co-CIO of global macro at Lombard Odier and also managed portfolios at Fortress under Michael Novogratz.  Jan has a Ph.D. in economics from Harvard, and BA and MA degrees in mathematics and economics from Yale. I was very eager to talk to Jan about his cutting-edge work of actually applying artificial intelligence to help portfolio managers and analysts.  When I first met Jan three years ago, he was already ahead of the curve in using advanced models to digest huge amounts of investment data and prices in a way that was useful and didn’t require data science training to use.  We talk about Jan’s experience at Duquesne and Fortress, the founding of Toggle AI, how to think about how AI is being applied to the financial world, hiring AI talent, and how to speed run a Ph.D.  Please enjoy my excellent conversation with Jan Szilagyi. NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. ToggleAI:  https://toggle.ai Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, then do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2023 Joe Reilly  

Stan Miranda is the Co-Founder and Chairman of Partners Capital, a global OCIO with $50 billion under management.  Stan was previously a longtime director at Bain and chairman of their Worldwide Executive Committee and a co-founder of Evolution Global Partners, a venture capital firm affiliated with Kleiner Perkins and TPG.     I was interested to talk to Stan about the very interesting DNA of Partners, and how they engage with their very talented clients, many of whom are private equity partners, endowment heads, and substantial family offices. Stan has thought deeply about the Endowment Model and has written many excellent white papers for Partners, some of which we discuss.  We cover the upcoming energy transition and why the route is not Net Zero, how he combined strategic thinking and analysis with the endowment model into the playbook they used to start Partners, how private equity partners manage their own personal money, and the transitions they go through in their own lives, and how Stan thinks about alternatives to alternatives.  Please enjoy my excellent conversation with the engaging Stan Miranda.   NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.   FULL BIO: Stan Miranda founded Partners Capital in 2001 and is Chairman of the firm’s Board of Directors. He was previously the Chief Executive Officer from 2001 until June 2020 and also held the Chief Investment Officer position until 2016. He is a member of the firm’s Global Investment Committee and has been the senior advisor to the Private Equity asset class team since the firm’s founding. Previously, Stan was a Co-Founder and Managing Director of Evolution Global Partners, a Kleiner Perkins, and TPG affiliated venture capital firm; Director of Bain & Company and member of its Worldwide Executive Committee (Chairman in 1997-98); member of Bain & Company’s Private Equity Practice and Private Equity Investment Committee member; and Certified Public Accountant. Stan holds an MBA from Harvard.   Partners Captial White Papers:  https://partners-cap.com/insights/   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, then do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.   ©2023 Joe Reilly

Paul Edelman is a psychologist who has worked with some of the world’s most successful hedge fund managers.  Today we take a deep dive into how psychological techniques can be used to look for investment managers, how Paul applied what he learned from great mentors to filter for the investment management skill set, the importance and uncovering of conceptual and probabilistic thinkers, and why you shouldn’t use Myers Briggs.  We get a bit into some very interesting weeds including some history of psychology and analytical concepts, but Paul has a great way of tying it all together to more deeply understand how people think about markets and interact with each other in high-pressure situations. Please enjoy my fascinating conversation with Paul Edelman. FULL BIO: Paul Edelman is a coach and facilitator at Edelman & Associates in Boston, who helps individuals, families, and family businesses to be more effective in achieving their goals.  He especially enjoys working with family enterprise members on developing the collaborative problem-solving and decision-making skills needed for success in family and business leadership and governance roles. Paul holds a BS in Physics from MIT and a PhD in Personality and Developmental Psychology from Harvard University where his teaching and research focused on group dynamics. More information is available at  CONNECT:linkedin.com/in/pauledelman.  WEBSITE: https://www.edelmancoaching.com/ NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Psychologists mentioned in the podcast:  Robert Freed Bales (SYMLOG), and Elliott Jaques. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964247 If you like this show, then do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it. ©2023 Joe Reilly

Rebecca Patterson was most recently Chief Investment Strategist at Bridgewater Associates where she was on the Executive Committee and was a frequent author of Bridgewater’s Daily Observations.  Previously, she was CIO of Bessemer Trust, overseeing $85 billion in client assets.  Before joining Bessemer, she worked globally for JP Morgan where she was Chief Investment Strategist and ran the private bank’s global currency and commodity trading desk.  Rebecca actually started out as a journalist for the St. Petersburg Times and Dow Jones.   Rebecca is a member of the Council on Foreign Relations and is Chair of the board of the Council for Economic Education.   Investors and policy makers all want to hear what Rebecca thinks, but today we discuss how she thinks.  How she does her analysis of the markets and economic issues, how she wrote the Daily Observations at Bridgewater, and how her experience in journalism taught her to rapidly assimilate data and opinion to form a coherent and useful narrative.  Please enjoy my engaging conversation with Rebecca Patterson.   NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.   COUNCIL FOR ECONOMIC EDUCATION:  https://www.councilforeconed.org   FULL BIO: Rebecca Patterson was most recently Chief Investment Strategist at Bridgewater Associates. In this capacity, she helped shape the firm’s agenda for researching and building systematic strategies to trade global financial markets and was responsible for overseeing the development of new investment solutions. Rebecca was a frequent author of Bridgewater’s Daily Observations and met regularly with investors and policymakers. She was also a member of Bridgewater’s Executive Committee, Investment Committee, and Commercial and Business Strategy Committee, in addition to being a Partner and helping to lead the firm’s Diversity & Inclusion (D&I) efforts.   With more than 20 years of investment management experience, Rebecca came to Bridgewater after serving as Chief Investment Officer at Bessemer Trust, where she oversaw $85 billion in client assets. She was also a member of the firm’s Management Committee and helped launch its D&I Committee. Before joining Bessemer in 2012, she spent 15 years at JP Morgan where she worked as a researcher in the firm’s investment bank in Europe, Singapore, and the US. She also served as a Chief Investment Strategist in the firm’s asset management arm and ran the private bank’s global currency and commodity trading desk.   Rebecca is currently a member of the Council on Foreign Relations and the Economic Club of New York and is Chair of the Board of the Council for Economic Education. She is on the board of directors of the Bretton Woods Committee.  She has served on the New York Federal Reserve’s Foreign Exchange and Investor Advisory Committees and served on and chaired the University of Florida’s Investment Corporation’s Advisory Board. Rebecca has been named to American Banker’s Most Powerful Women in Finance for six consecutive years. She holds an MBA from New York University, an MA in International Relations from The Johns Hopkins University School of Advanced International Studies, and a BS in Journalism from the University of Florida. She is married and has two teenage girls.   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964   If you like this show, then do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

Mark Anson, CEO and CIO of Commonfund, is in a unique position to compare and contrast the different investment styles of pension funds, endowments, family offices, and traditional asset managers.  We talk about his interesting background starting at Salomon Brothers, then running investments for CalPERS, the Bass Family Office, Nuveen, and Commonfund, why real “trade ticket experience” is necessary to become a good manager, his thoughtful and extensive research into measuring performance - including his practical concept of “lagged beta”, and what type of shoes you need in London.  Please enjoy my intriguing conversation with Mark Anson. FULL BIO: Mark Anson is the Chief Executive Officer and Chief Investment Officer of the Commonfund and Chairman of the Board of Commonfund Capital Inc. and Commonfund Asset Management Company. Previously, he was the President and Chief Investment Officer for the Bass Family Office of Ft. Worth, Texas which was recognized as Family Office of the Year for 2014 & 2015. He was the President and Global Head of Investment Management at Nuveen Investments, a full-service asset management company with over $900 billion in assets under management. Prior to Nuveen, Mark served as the Chief Executive Officer and Chief Investment Officer for the British Telecom Pension Scheme (BTPS), the largest institutional investor in the UK with assets of £65 billion. In addition, Mark was the CEO of Hermes Pensions Management in London, a £55 billion asset management company that is wholly owned by the BTPS. Prior to joining BTPS, he served as the Chief Investment Officer of the California Public Employees' Retirement System, the largest institutional investor in the United States with over $300 billion in assets. Mark is currently the Chairman of the Investment Committee for the $65 billion UAW Medical Benefits Trust. He also serves on the Law Board of the Northwestern University School of Law, and the Board of the Toigo Foundation. He is the only person to serve on the Board of Governors for both the CFA Institute and the CAIA Association. He was an inaugural member of the SEC Investor Advisory Committee and the Chairman of the Board for the International Corporate Governance Network. Mark has published over 100 investment articles in professional journals and has won three Best Paper Awards. He is the author of five financial textbooks including the Handbook of Alternative Assets, which is the primary textbook used for the Chartered Alternative Investment Analyst program. Mark earned a B.A. in Economics and Chemistry from St. Olaf College, a Ph.D., and Masters in Finance from Columbia University Graduate School of Business, and a J.D. from Northwestern University School of Law, all with honors. He has also received several industry awards in recognition of his leadership in asset management including the Lifetime Achievement Award in Pension Fund Management from Plan Sponsor. Last, Mark has earned the Chartered Financial Analyst, Chartered Alternative Investment Analyst, Certified Public Accountant, and Chartered Global Management Accountant professional degrees, and he is a Member of the Law Bar of New York and Illinois.   TWITTER:  https://twitter.com/commonfundorg WEBSITE:  https://www.commonfund.org NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.   Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964247   If you like this show, then do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.