Dakota Live! Podcast

In this episode of the Dakota Live! Podcast, Robert Morier sits down with Ken Frier, Chief Investment Officer at Atlas Capital Advisors, to discuss the role of systematic investing in portfolio construction and decision-making. With more than three decades of experience managing institutional capital at Disney, Hewlett-Packard, Stanford Management Company, and the UAW Retiree Medical Benefits Trust, Ken brings a deep understanding of asset allocation, quantitative investing, and cost-conscious portfolio construction. Whether you're an allocator evaluating systematic managers or a sales professional seeking insight into how data-driven investors think about portfolio construction and decision-making, this episode offers a unique window into how one investor has built a philosophy shaped by decades of experience across some of the most complex institutional portfolios. Atlas Capital Advisors is a San Francisco-based registered investment advisor providing outsourced CIO (OCIO) and portfolio management services to high-net-worth individuals, families, and institutions. The firm emphasizes systematic asset allocation and direct implementation, offering clients institutional-quality portfolios with a focus on transparency, liquidity, and long-term value. The conversation delves into how Ken’s early background in mathematics and computer science laid the foundation for a career focused on developing repeatable investment algorithms. You’ll hear how a pivotal moment during the dot-com bubble crash reshaped his thinking about portfolio risk, leading to a career-long commitment to evidence-based decision making. Ken shares how Atlas Capital uses a top-down, factor-based, algorithmic approach to investing across global markets, as well as his candid take on why investors can fail to adjust asset allocation, even in dramatically shifting environments. The episode also touches on the role of liquidity, the rise (and risks) of private credit, and the evolution of ETFs. From lessons in risk management to the realities of cost, complexity, and governance, Ken offers a grounded perspective on what it takes to make disciplined, data-informed decisions in today’s investment landscape.

In this powerful episode of the Dakota Live! Podcast, we dive deep into the future of venture capital, emerging manager selection, and the evolving dynamics between GPs and LPs with two thought leaders reshaping the industry: Rohit Yadav, author of The Big Book of Venture Capital, and Jamie Rhode, Partner at Screendoor, an LP platform backing early-stage managers with institutional rigor and long-term vision.Why This Episode MattersThis episode is a must-watch for anyone navigating today’s venture capital landscape, whether you're an emerging manager building your first fund, a GP scaling through Fund II or III, or an allocator rethinking your approach to early-stage investing. Rohit and Jamie bring unmatched clarity and data-driven insight to questions that matter now more than ever:- What does it take to build a resilient, DPI-generating venture firm?- How are LP expectations evolving post-ZIRP, post-COVID, and amid shrinking liquidity windows?- What is the real path forward for exit strategies beyond the IPO myth?Key Topics Covered- The role of fund-of-funds in early-stage VC, and why Screendoor is not just picking managers, they’re helping build firms with longevity.- The power-law myth and how transparency, institutionalization, and repeatability are reshaping LP/GP relationships.- The need for introspection (not revolution) in venture capital: a central theme from Rohit's Rethinking Venture Capital: A Strategic Lens.- The future of M&A and secondaries as legitimate exit pathways and how GPs can (and must) be prepared.- Why early-stage VC is where the outliers live—and how to create a portfolio that finds them.- How Screendoor evaluates emerging managers, with real talk on what matters more than polish: character, track record repeatability, and transparency.About BigBook.vc – Venture Knowledge AlphaVisit: https://www.bigbook.vcThe Big Book of Venture Capital is not a venture fund—it’s a knowledge project. Created by Rohit Yadav, this open-source platform is dedicated to democratizing access to venture capital insights across the global ecosystem. With quarterly strategic reports, cross-sectional data from hundreds of sources, and community-driven dialogue, BigBook.vc offers the venture industry's most comprehensive and strategic research platform. It’s built for allocators, emerging managers, founders, and anyone shaping the future of innovation.About ScreendoorScreendoor is reimagining LP/GP alignment in early-stage VC. With a fund-of-funds approach backed by leading GPs, Screendoor supports diverse emerging managers with not just capital, but decades of lived experience. Their platform is built for allocators who want disciplined, cost-effective access to the edge of what’s next—and for GPs who want to build enduring firms, not just raise funds.Watch this episode if you want to:- Understand the emerging manager landscape post-2021- Learn how to build a more effective allocation strategy in early-stage VC- Hear how seasoned LPs like Jamie are transforming access, transparency, and performance metrics- See how Rohit is laying down the intellectual scaffolding for VC 3.0This is one of our most important conversations yet, don’t miss it.

In this episode of the Dakota Live! Podcast, host Robert Morier welcomes Amanda Kane, Director of Private Investments with Windrose Advisors, for an in-depth discussion on private market manager research and its critical role in portfolio construction.With extensive experience in asset allocation, investment due diligence, and manager selection, Amanda shares insights on navigating private equity, private credit, and venture capital allocations for families, foundations, and endowments.Amanda discusses Windrose’s rigorous due diligence framework, how they identify and evaluate managers, and the importance of vintage year diversification in building resilient private market programs.She also provides valuable advice for asset managers looking to establish relationships with allocators, emphasizing the balance between persistence and professionalism.Key topics include:✔ The evolving landscape of private equity and private credit✔ The sourcing and selection process for alternative investment managers✔ How Windrose ensures a diversified private market allocation✔ The role of co-investments in their strategy✔ Insights into venture capital trends and early-stage investment opportunities✔ How asset managers can effectively engage with allocatorsIf you're an allocator, asset manager, or investment professional looking to gain a deeper understanding of private market investing, this episode is packed with actionable insights from an experienced industry leader.

In the latest episode of the Dakota Live! Podcast, Robert Morier welcomes Frank Valle, Associate Director of Fixed Income at Marquette Associates, for a thoughtful and practical conversation on manager research, fixed income portfolio construction, and the evolving dynamics of investment consulting.Frank shares insights from nearly two decades in the industry, offering valuable perspective for both asset managers and institutional allocators. From core and core-plus strategies to satellite exposures like structured credit and emerging market debt, Frank explains what makes a manager stand out—and what makes a process sustainable.Key topics include:• The critical role of communication and team dynamics in evaluating investment managers• Marquette’s four-phase manager review process and how it applies across asset classes• Attributes that define successful fixed income strategies, including risk positioning and alpha generation• How Marquette constructs fixed income portfolios for OCIO clients using core, core-plus, and multi-sector approaches• Trends in investment vehicles, including separate accounts, commingled funds, mutual funds, and ETFs• The growing relevance of structured credit and enhanced indexing• Perspectives on private credit, liquidity risk, and the blending of public and private fixed income• The future of technology and AI in the manager selection process—and the enduring importance of relationshipsWith higher yields and increased dispersion across credit sectors, the current environment has brought fixed income back to the forefront of institutional portfolios. As interest rates, inflation expectations, and geopolitical risk continue to shape the market, understanding how managers assess credit, manage liquidity, and position portfolios is more important than ever for generating stable, risk-adjusted returns.Whether you are selecting managers or being selected, this conversation offers a clear window into what matters most to consultants and their clients today.

Join host Robert Morier and Andrew O’Shea in this insightful episode of the Dakota Live! Podcast as they sit down with Zach Ruchman, Managing Director of Private Investments at HB Wealth, a $26 billion multi-family office and RIA.With a background that spans from global public policy to direct private equity co-investments, Zach shares his journey and offers a masterclass on navigating private investments in today’s evolving wealth management landscape.In this episode, you’ll learn:• How HB Wealth approaches asset allocation for private equity, venture capital, and private credit• The must-ask questions when evaluating a manager (including a unique take on "Why do you exist?")• Why alignment, transparency, and purpose-built vehicles are at the heart of Zach’s investment philosophy• How operational due diligence serves as a critical downside protection tool• The rise of independent sponsors, secondaries, and evergreen vehicles—and how to think about each• Why GP-LP relationships are more like long-term marriages than transactionsZach also shares how he manages a high-volume manager pipeline, what goes into a multi-year due diligence process, and how HB Wealth seeks private market alpha, not just beta, for its clients.Whether you're an allocator, asset manager, or aspiring investor, this episode delivers actionable insights on selecting the right managers and building a resilient private markets program.

Join us for an exclusive conversation with Shanelle Brown, Managing Director of Public Equity at the W.K. Kellogg Foundation.With more than a third of the Foundation’s assets under her oversight, Shanelle offers a rare, behind-the-scenes look at how a values-based organization navigates the complexities of global markets while staying grounded in its purpose: to ensure children, families, and communities thrive.From the structure of the investment office to manager research and selection, Shanelle breaks down how the team thinks about portfolio construction, due diligence, and long-term partnerships.You’ll learn about:• The evolution of Kellogg’s investment team, moving from generalists to dedicated asset class specialists• Their two-stage manager underwriting process and the key qualitative factors they evaluate—including character, culture, and transparency• The Kellogg team’s approach to risk, portfolio sizing, and where they are currently focused (hint: Japan, Energy, and Europe)• How asset managers can avoid the dreaded “bankruptcy folder”—yes, it’s real—and what it means for communication• The Foundation’s openness to emerging and crossover managers, and the factors that drive conviction• Why student questions at the end of the episode are a must-listen—covering leadership and lessons from failureWhether you're an allocator, asset manager, or student of finance, this episode offers rare transparency into how a leading foundation aligns capital with purpose.Shanelle Brown: https://www.linkedin.com/in/shanelle-b-1715514/Robert Morier: https://www.linkedin.com/in/robertlmorier/Kiera Liesinger: https://www.linkedin.com/in/kieraliesinger/Makhia Peoples: https://www.linkedin.com/in/makhiappj/Paetyn Knepp: https://www.linkedin.com/in/paetyn-knepp-a55638358/Our Website:https://dakota.comW.K. Kellogg Foundation:https://www.wkkf.org/🎙️ Listen to the Podcast:Spotify:https://open.spotify.com/show/3NUXRMzfr56xQ9VDeavhjN?si=bc5764c861054069Apple Podcast:https://podcasts.apple.com/us/podcast/dakota-live-podcast/id165235763800:00 Intro01:36 At the desk03:25 What's going on in Westwood?04:08 Landing on UCLA05:03 Deciding on a career path07:42 Approaching problems09:55 Experience at Exelon11:24 What's your style?12:22 Structure at Kellogg13:45 Compass direction15:28 External research16:13 Long-bias public equities17:57 Managing risk20:11 Sourcing a manager21:47 Manager underwriting process24:41 Qualitative factors28:15 How communication takes place31:18 Reunderwriting33:35 Concentration35:16 Conviction37:36 LP network38:18 Integration of AI41:06 Investment trends42:50 Lasting partnerships45:04 What are you working on now?46:22 Emerging managers47:52 Mentors49:22 Advice for young professionals50:56 Student Question #1: Values52:51 Student Question #2: Experience and advice for women of color54:10 Student Question #3: Most important skill/value55:38 Outro

In this engaging discussion, Lauren Mathias, Senior Vice President at Callan and a champion for diversity, dives into her impressive journey from analyst to a leader in investment consulting. She highlights the significance of mentorship and collaboration in shaping the finance industry. Lauren shares insights into non-U.S. equity investment strategies and the importance of sustainable practices and long-term client relationships. Listeners will also learn how Callan’s educational initiatives foster inclusivity and empower institutional investors amidst market volatility.

Welcome back to the Dakota Live! Podcast—where insights from top allocators and industry professionals meet the practical tools needed to succeed in asset management.In this episode, we head to Boston to meet with Adam Ladd, Vice President at Windrose Advisors, for a conversation about the art and science of manager due diligence—and why private credit has become one of the most relevant and nuanced asset classes in today’s institutional landscape.A former investment associate at Amherst College’s Investment Office, Adam brings a disciplined, endowment-style approach to manager selection and portfolio construction at Windrose.He shares how his background as a volunteer firefighter and endurance athlete helps him remain calm under pressure and committed to a lifelong learning mindset—skills he brings to evaluating high-conviction, often early-stage, private credit managers.What you’ll learn in this episode:Why Windrose prefers concentrated, non-sponsored private credit strategies over diversified direct lending portfoliosHow to assess alignment between a manager’s origin story and their current strategyWhat distinguishes Windrose’s high-touch, in-person due diligence modelHow OCIOs balance fiduciary responsibilities with highly personalized client mandatesThe role of private credit in shortening the J-curve and enhancing liquidity within broader private portfoliosWe also dig into how Windrose identifies and supports fund-one managers, and how Adam’s approach to research combines empathy with rigor—a balance Windrose believes allows their portfolios to reflect both the numbers and the narratives behind them.If you're in manager research, institutional sales, or just curious about how top OCIO platforms make investment decisions, this episode is a must-listen.Windrose Advisors LLC (“Windrose”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Windrose including their investment strategies and objectives can be found in their ADV Part 2, which is available upon request.This material is distributed for informational purposes only. The opinions expressed are those of Windrose. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Forward looking statements cannot be guaranteed. There is no guarantee of the future performance of any Windrose investment strategy. Material and information discussed has been derived from sources considered to be accurate and reliable, but makes no representation thereof and accepts no liability or any loss arising from use or reliance herein.It should not be assumed that any sectors, strategies, or investments discussed were or will prove to be profitable, or that investment recommendations or decisions we make in the future will be profitable. Nothing herein should be construed as a solicitation, recommendation, or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy.

Join us for an insightful episode of the Dakota Live! Podcast featuring Andrea Lo, Founding and Managing Partner at Main Character Capital. Andrea shares her unique journey across venture capital, fund operations, and blockchain innovation—and how those experiences led her to launch a GP seeding strategy focused on backing the next generation of bold, high-conviction fund managers. In this episode, Andrea breaks down the art and science of sourcing emerging GPs, conducting institutional due diligence, and designing bespoke GP staking deals with long-term alignment in mind. She also shares how she identifies "main character" managers, what makes a differentiated fund strategy, and how LPs can access uncrowded opportunities in venture, private equity, and digital assets. Topics Covered:✅ The evolution of GP staking and how it applies to venture✅ Sourcing and underwriting next-gen managers✅ Structuring incentive-aligned partnerships between LPs and GPs✅ Why authenticity, adaptability, and strategic storytelling matter Whether you’re a current allocator, emerging manager, or student of the industry, Andrea’s perspective offers a masterclass in identifying and cultivating long-term investment franchises.Andrea Lo: https://www.linkedin.com/in/andreatlo/Robert Morier: https://www.linkedin.com/in/robertlmorier/Our Website:https://dakota.comGuest Website:https://www.maincharactercapital.com/📺 Watch the Podcast:YouTube: https://www.youtube.com/@DakotaLivePodcast🎙️ Listen to the Podcast:Spotify:https://open.spotify.com/show/3NUXRMzfr56xQ9VDeavhjN?si=bc5764c861054069Apple Podcast:https://podcasts.apple.com/us/podcast/dakota-live-podcast/id1652357638Chapter Markers:00:00 Intro01:56 Andrea Lo intro04:17 GP Staking versus Fund to Funds06:15 Career path11:14 Desirable traits of partners13:25 Sourcing partners20:29 High yielding questions for partners27:30 Crowded markets30:27 First 90 days after an investment37:06 Portfolio construction41:55 Global opportunities45:47 AI defense49:41 AI outpacing its infrastructure54:59 Key experiences01:01:28 Where the strategy fits in an allocation modelMain Character Capital is a private investment firm. This podcast is intended solely for informational purposes and should not be construed as investment advice or an offer to sell, or a solicitation of an offer to buy, any securities or investment products. All opinions expressed are current as of the date of recording and are subject to change without notice. Certain information has been obtained from third-party sources believed to be reliable, but Main Character Capital makes no representations as to its accuracy or completeness. All investments involve risk, including the potential loss of principal, and there is no guarantee that past performance will be indicative of future results.

Sean Poe, Director of Investment Manager Research at Key Private Bank, shares his journey from engineering to finance, revealing valuable insights on investment management. He discusses the seven P's framework for manager selection—people, process, performance, etc.—and introduces his innovative concept, 'Poe's Alpha.' The conversation covers the balance between skill and luck in investing, effective networking strategies, and the critical role of operational experience in making better allocation decisions. Listeners gain a fresh perspective on building trust and alignment in manager relationships.