Capital Decanted

After many booms, busts, and shakeouts in crypto markets, the pump seems primed for broader adoption in institutional portfolios. Are we really doing this? How might a seemingly crypto-friendly Trump Administration fuel further adoption in the largest capital market in the world? In this episode, we use history as a guide, exploring the phases of crypto adoption and wrestling with whether we're truly in a new era or if the headlines are overhyping reality. Join us and our guests, Robbie Mitchnick of BlackRock and Greg Tusar of Coinbase, to explore further.Introduction: (0:48)Halftime: (1:01:46)Guests: (1:07:58)Guests:Greg Tusar, Head of Institutional Product, CoinbaseRobert Mitchnick, Head of Digital Assets, BlackRockEpisode Sources

Greedy sinners or enterprising saints? The growth of private equity's influence on the economy can no longer be ignored. Like it or not, private equity's reach surrounds our daily lives and its impact on society can be felt across all sectors of the economy. In this episode, we outline a more balanced middle between the extremes of proponents and detractors and highlight two virtuous examples of how private capital is being used for social and financial good.Introduction: (0:48)Halftime: (46:25)Guests: (52:13)Guests:Pete Stavros, Co-Head, Global Private Equity, KKRDaryn Dodson, Founder, Managing Partner, Illumen CapitalEpisode Sources

Join Molly Murphy, Chief Investment Officer at OCERS, and Scott Chan, CIO of CalSTRS, as they explore the evolution of asset ownership. They discuss innovative investment vehicles like co-investments and NAV lending reshaping portfolios. Murphy and Chan highlight the shift from traditional models to collaborative strategies that enhance efficiency. They also delve into the complexities of direct investments and the importance of alignment among stakeholders, emphasizing how modern tools are empowering institutional investors in a dynamic landscape.

How does a legacy private capital partnership who has thrived solely in the institutional draw down LP ecosystem, assemble the apparatus to begin distributing those strategies to the individual investor? When client acquisition and conversations, investor sophistication, product design, culture, operational support etc. are all fundamentally different...where do they start in this overhaul? What challenges and pitfalls have they experienced along the way? What battle scars and advice can they share with others that are considering the same or in the early stages themselves. Join us as we draw a blueprint in a very applied and practical manner. Introduction: (0:48) Halftime: (54:00) Guests: (59:39) Guests: Shane Clifford, Managing Director–Partner and Head of Global Wealth, Carlyle Doug Krupa, Managing Director, Global Client Solutions, KKR Episode Sources

AI dominates headlines and investment conferences these days…often to excess.  Sensational stories like “Here’s the robot that will steal your job” and charges of “Disrupt, transform or die” fill our feeds and raise fearmongering narratives that channel Issac Asimov’s I-Robot or James Cameron’s Skynet--of course from the Terminator series.  Quant shops, hedge funds, and algorithmic trading firms have embedded AI in their models for over a decade.  But have we hit a tipping point where applications of these accelerated computing capabilities are ready to invade the more traditional asset management business?  What are those use cases and which are most promising?  And how should we think about peaceful future co-existence of the human and the machine in managing portfolios.  Martin Escobari and Dave Morehead join us to unpack this provocative topic. Introduction (0:48) Halftime (42:35) Guests (50:44) Guests: Martin Escobari, Co-President, Managing Director, Head of Global Growth Equity, General AtlanticDave Morehead, Chief Investment Officer, Marketable Investments, Baylor University Episode Sources

Today’s asset management business has quickly transformed into a race to build out a stable of thoroughbreds--investment strategies across a spectrum of conventional public equity and debt as well as offerings across the continuum of private capital--equity, credit, secondaries, real estate, infrastructure etc. What makes recent history particularly unique are the crossover deals from traditional managers with alternative managers.  For several decades, traditional long only mutual fund shops and institutional firms stayed in their lane and idiosyncratic, complex private capital partnerships lived in a different world---there was a peaceful co-existence and mutual exclusivity. Those distinctions and parallel worlds have evaporated.  We explore why with two of the most revered leaders in the industry and compare and contrast their different approaches to meeting this challenge. Introduction (0:47) Halftime (47:03) Guests (53:15) Guests: Jean Hynes, CEO, Wellington Management Jenny Johnson, CEO, Franklin Templeton Episode Sources

In this engaging discussion, Sarah Williamson, CEO of FCLT Global, and Geoff Rubin, Senior Managing Director at CPP Investments, dive deep into the art of long-term investing. They tackle the emotional complexities that tempt investors away from long-term strategies and emphasize the transformative power of sustainable value creation. Listeners will find illuminating insights on how to combat short-term pressures and the importance of solid governance in embracing long-termism. With a focus on collaboration and innovative practices, this conversation showcases the future of asset management.

Welcome back to season 2 of Capital Decanted… well, almost! John Bowman, CFA teases the episode and the “greatest asset in investing” – can you guess what it is? Find out on September 30!

Private Credit has risen from obscurity within the private equity financing world to a greater than $2T asset class in just over a decade.  In this episode, we examine the conditions (M&A, debankification, regulation, staying private longer) that accelerated post the GFC that created a torrent of issuance and demand for private credit across direct lending, asset backed credit, structured credit, and innovative special situations.  And more importantly, we debate whether we’ve come a little too far, too fast, and if some rationalization and refining is needed before this exciting space continues its upward trajectory. Guests: Katie Koch, CEO, TCW Kipp DeVeer, Partner and Head of Credit, Ares Management ⁠Episode Sources

Private Markets Valuations…do these quarterly marks properly represent fair value or are they make believe…contrived from the fictional world of GP machinations?  Do these interim valuations, as one commentator put it, “not matter;” or as another proclaimed provocatively, are they simply a case of “volatility laundering.”  Is the gap or “lag” with public market equivalents relevant…are we anchoring to the right bogey…or arbitrarily comparing objective value to an emotionally manic patient, to paraphrase Warren Buffett?  In today’s episode, our inaugural episode of Capital Decanted, we are going to lean in to this divisive and complex topic with some help from Scott and Andrea. Guests: Scott Kupor, Managing Partner, A16z Andrea Auerbach, Global Head of Private Capital, Cambridge Associates ⁠Episode Sources