Capital Allocators – Inside the Institutional Investment Industry

Brendan O'Connor, CEO of Regal Partners — a leader who grew a long‑short shop into a A$21B multi‑strategy alternatives manager. He discusses why Australia matters for resources and AI demand. Conversation covers Regal's shift to diversified strategies, cross‑asset origination as an alpha source, and their four‑step investment and risk process.

Jonathan Lewinsohn, Co-Managing Partner of Diameter Capital Partners, a credit-focused investor managing multiple strategies. He discusses credit microcycles across AI, housing, telecom, chemicals, and healthcare. Topics include private credit and direct lending evolution, risks from legacy software and AI, pricing hard-to-value tech assets, insurer demand for investment-grade assets, and why macro awareness and ROIC-based underwriting matter.

Jonathan Lewinsohn, co-founder and portfolio manager at a multi-billion dollar credit firm with roots at Anchorage and Centerbridge. He discusses spotting COVID dislocations early, Diameter’s flat, process-driven credit platform, how they size distressed and illiquid trades, and the role of shorting and liquidity in avoiding crowding.

Lane MacDonald, CIO at SCS Financial and former Harvard allocator and U.S. Olympic hockey player, reflects on teamwork and alignment from sport to investing. He discusses domain expertise, picking the right sectors, co-investing mechanics, and building a team-oriented platform. Short, sharp takes on measuring managers, structuring co-invests, and why SCS leans into private markets and alignment.

Nick Rohatyn, founder and CEO of The Rohatyn Group, dives into emerging markets investing with insight drawn from his rich background in global finance. He shares lessons from his upbringing and his transformative years at J.P. Morgan, highlighting the importance of diversified, multi-asset strategies. Nick critiques emerging market benchmarks, advocating for smarter, benchmark-agnostic solutions. He discusses leveraging acquisitions for growth and emphasizes the necessity of cultural understanding in investment success. With an eye on the future, he outlines his vision for TRG's expanded role in the evolving landscape.

Scott Kleinman, Co-President of Apollo Asset Management, shares insights from his journey since joining the firm as its 13th employee in 1996. He discusses Apollo's evolution into an integrated alternatives platform and the importance of excess return per unit of risk. Kleinman explains how the 2008 crisis reshaped their strategies, highlighting the significance of private credit. He emphasizes that origination, not capital, limits growth, and shares leadership lessons on communication and culture within the firm. Kleinman also explores the future of private assets and the convergence of public and private markets.

Dr. Ashby Monk, Executive and Research Director of the Stanford Research Initiative on Long-Term Investing, shares insights on the Total Portfolio Approach (TPA) for asset owners. He discusses the evolution of governance to integrate technology and data in investment strategies. Ashby highlights how AI can tailor investment advice to individual goals and improve decision-making. He also explores innovative practices at Saudi Arabia's Public Investment Fund and New Mexico State Investment Council, emphasizing the synergy between performance and developmental impact.

Dr. Ashby Monk, Executive and Research Director at Stanford's Long-Term Investing initiative, dives into the nuances of investor identity and its impact on returns. He explores the crucial role of technology in asset management, advocating for innovation to enhance decision-making. Monk also critiques current ESG ratings, urging a shift towards detailed data over summary scores. The discussion covers how understanding submergence—both drawdown and recovery—can improve long-term resilience in portfolios, ultimately steering institutional investors toward smarter strategies.

Ashby Monk, an Executive and Research Director at Stanford's Global Projects Center, dives into innovative solutions for pension and sovereign fund challenges. He explores the contrasting pension models of Canada, Australia, and the U.S., emphasizing the importance of transparency in fees and internal management. Ashby discusses his groundbreaking venture, Long Game, which gamifies saving through prize-linked incentives. He also predicts an increasing reliance on private equity and critiques hedge funds for their talent allocation, advocating for more sustainable financial practices.

In this engaging discussion, Mike Gitlin, CEO of Capital Group and seasoned asset management executive, explores the firm's unique culture and strategic vision as it approaches its centennial. He shares insights on talent development, highlighting low attrition rates and a robust mentoring system that fosters long-term investor growth. Gitlin also discusses innovative compensation models tied to performance, the integration of AI in research processes, and the strategic pillars guiding Capital Group through evolving market demands and client expectations.