Capital Allocators – Inside the Institutional Investment Industry

Bob Oros, the outgoing Chairman and CEO of Hightower Advisors, shares his extensive experience in wealth management spanning three decades. He discusses the evolution of Registered Investment Advisors, highlighting the shift towards holistic planning and alternative investments. Bob reveals insights into Hightower's acquisition strategy, emphasizing advisor retention and cultural integration. He reflects on leadership lessons, including adaptability and transparency, as he prepares to step down in a pivotal moment for the firm.

Josh Koplewicz, Managing Partner of Thayer Street Partners, shares his journey from Goldman Sachs to founding a boutique private equity firm in 2012. He dives into strategic capital allocation, the challenges of scaling a smaller firm, and innovative investment structures that balance risk and reward. Josh discusses the importance of building relationships in finance and navigating market liquidity issues. With personal anecdotes about hiking and DJing, he reflects on his aspirations for future impact within his firm and its portfolio.

David Breach, President and COO of Vista Equity Partners, shares his journey from modest beginnings in Canada to leading a transformation in private wealth investing. He discusses Vista's strategic shift into the private wealth sector, highlighting lessons learned from industry pioneers. Breach emphasizes the explosive growth of enterprise software and the crucial role of alternatives in capital allocation. He also tackles the challenges of balancing institutional and private wealth needs while building brand recognition and maintaining operational discipline.

Robert F. Smith, Founder and CEO of Vista Equity Partners, shares his journey from engineering to leading a $75 billion investment firm specializing in enterprise software. He discusses critical strategies for assessing management teams, enhancing operational efficiencies, and the significance of leveraging technology in asset management. Smith reflects on the impact of COVID-19 on private equity, the importance of community in personal growth, and lessons learned from past mistakes, all while advocating for responsible investing and philanthropic efforts.

Kipp deVeer, Co-President of Ares Management, shares insights from a firm managing $500 billion in alternative investments. He discusses the rising trend of private wealth and the integration of institutional practices in this space. The conversation covers Ares’ strategic acquisitions, credit-centric approach, and brand-building efforts. DeVeer highlights the importance of disciplined underwriting and navigating global market dynamics, particularly in Europe and Asia, while also reflecting on personal growth and challenges in balancing family and work.

Kipp deVeer is a Director and Partner at Ares Management, where he's driven the growth of its credit division. He shares fascinating insights into the evolution of private credit over the last two decades. Kipp discusses his journey from Wall Street to Ares, revealing the early inefficiencies in the market and the establishment of robust capital structures. He dives into the complexities of risk management in direct lending and highlights the importance of relationships in sourcing deals. Kipp also reflects on the strategic shift toward larger issuers amid changing interest rates.

Jon Madorsky, Managing Partner at RCP Advisors, shares insights on the evolution of the private equity secondaries market. He discusses how it transformed from being overlooked to a vital investment strategy, emphasizing transaction types and capital sources. The impact of AI on data handling in this space is also explored. Jon highlights the importance of asset quality and strategic negotiation in secondary transactions, along with his passion for vintage cars and the significance of mentorship in shaping the next generation of investment professionals.

Alex Abell, Managing Partner at RCP Advisors, shares his extensive 23-year journey through lower middle market buyouts. He discusses the significance of data and analytics in evaluating fund managers, blending quantitative and qualitative assessments. Alex highlights the challenges faced by smaller institutional investors and the impact of operational data on investment strategies. He also reflects on his passions, including sailboat racing, and emphasizes the influence of early impressions in professional growth. Tune in for insights on refining investment strategies in a dynamic market!

Kristin Kallergis Rowland, Global Head of Alternative Investments at J.P. Morgan Wealth Management, oversees a staggering $180 billion in alternative assets. She discusses her 17-year journey at J.P. Morgan, sharing insights on the evolution of private wealth towards alternatives. Kristin highlights tailored portfolio strategies, the challenges and opportunities in private credit, and innovations in venture capital. She also emphasizes democratizing access to private markets and the importance of resilience in investment strategies amid today's economic landscape.

The discussion dives into the intricacies of today's investment landscape. It highlights the challenges of making decisions in the present moment. Listeners learn about various asset classes and discover potential hidden opportunities despite prevailing risks. The insights provide a refreshing perspective for those navigating the current market uncertainties.