Capital Allocators – Inside the Institutional Investment Industry

In this engaging talk, Alex Abell, Managing Partner at RCP Advisors, shares insights from over two decades in lower-middle market buyout investing. He delves into the use of innovative analytics in manager assessments, highlighting the critical blend of qualitative and quantitative evaluations. The conversation covers the complexities of emerging funds and strategies for navigating the secondary market. Alex also reflects on his personal passions, revealing how impactful professional relationships and early impressions play a crucial role in career success.

Letitia Johnson, the Chief Investment Officer of Amherst College, oversees a hefty $4 billion endowment with a unique investment philosophy. In their discussion, she shares her journey from Cambridge Associates to Amherst, emphasizing a concentrated, bottom-up approach for long-term gains. She delves into the nuances of portfolio construction, risk management, and the value of strong relationships with managers. Letitia also highlights the role of her supportive investment committee in navigating complex market dynamics and achieving impactful results.

David Morehead, the CIO at Baylor University, oversees a $2.2 billion endowment. He discusses his innovative thematic top-down approach to investment, emphasizing risk management and portfolio construction. Morehead shares insights on the significance of small-cap investments and the evolution from over-diversification to a more concentrated strategy. He also reflects on his diverse investment background and the role of AI in enhancing capital allocation. Besides finance, he opens up about his hobbies and the importance of kindness in professional relationships.

In this engaging conversation, Chris Dixon, a general partner at a16z and a leading figure in crypto, discusses the forgotten potential of blockchain and crypto post-FTX collapse. He shares insights from his book, "Read Write Own," detailing the history and importance of blockchain technology. The discussion touches on the resurgence of decentralized systems, the evolution of stablecoins, and the NFT revolution. Dixon also highlights the call for technological innovation amidst market volatility, suggesting an upcoming transformative moment for the industry.

Chris Dixon, General Partner at a16z, is a leading voice in the crypto ecosystem overseeing $7 billion in investments. He discusses his frameworks for navigating the evolving crypto landscape and the significance of network effects and venture economics. Chris shares insights about the creator economy, infrastructure, and the challenges and opportunities in decentralized finance and gaming. He also reflects on how a16z supports its portfolio and offers perspectives on the market's current downturn, driving home the importance of strategic thinking in tech investments.

Chris Dixon, a General Partner at Andreessen Horowitz, shares his journey from childhood tech passion to successful venture capital. He explores the evolution of blockchain, how it's transforming investment perceptions, and the shift from centralized to decentralized systems. Dixon discusses pivotal lessons from his entrepreneurial experiences and emphasizes the significance of adaptive founding teams in angel investing. Additionally, he highlights the importance of pursuing hobbies for a balanced life and innovation in the tech landscape.

Shiloh Bates, Chief Investment Officer at Flat Rock Global and author of "CLO Investing," shares insights from his 25-year career in collateralized loan obligations (CLOs). He discusses the significant evolution of CLOs into a trillion-dollar industry and highlights the importance of loan selection and risk management. Shiloh also examines investment strategies for CLO equity, the advantages of interval funds over traditional credit vehicles, and the importance of education in the sector, rounding out the conversation with personal reflections on life beyond finance.

Nigel Dawn, the global head of Private Capital Advisory at Evercore, shares his expertise on the booming secondaries market in private equity. He delves into the evolution of LP and GP relationships, discussing how perceptions have shifted since the financial crisis. Nigel offers insights on strategies for both buyers and sellers, the significance of unbiased advisory services, and the growth potential of secondary liquidity in private credit. He also reflects on the importance of communication skills and risk-taking in navigating this complex landscape.

Dive into the intricate world of investment offices and their vital playbook. Discover a four-season framework that guides how allocators and managers interact. Learn why understanding governance and lifecycle stages is crucial for forging strong relationships. The insights on leadership transitions reveal their impact on investment outcomes. This discussion will reshape how you perceive allocation dynamics and the hidden challenges managers face.

Join seasoned allocators Ellen Shuman, Meredith Jenkins, Kim Lew, and Alisa Mall as they explore how Carnegie Corporation of New York nurtures industry leaders. They dive into the organization's unique training culture that has produced numerous CIOs, even rivaling the famed Yale model. Discover insights on their investment philosophies, the significance of teamwork, and the evolution of leadership dynamics. The conversation highlights key strategies in fostering talent and adapting to change within the investment landscape.