Capital Allocators – Inside the Institutional Investment Industry

Max Frumes and Sujeet Indap, seasoned financial journalists and co-authors of "The Caesars Palace Coup," delve into the tumultuous bankruptcy of Caesars Entertainment. They reveal the intricate negotiations among top hedge funds and creditors, shedding light on the power dynamics at play. The duo discusses the blend of luck and skill in distressed investing, offering lessons for investors navigating similar waters. They also reflect on their journey from finance to journalism and share insights on the ethical shifts within the investment landscape.

Wylie Fernyhough, PitchBook’s lead private equity analyst, shares his deep insights into the world of private equity investments. He discusses the intriguing business of buying stakes in asset managers, covering historical context and perspectives from all parties involved. The conversation extends to the growing influence of private equity in sports, highlighting transformative franchise valuations. Wylie also dives into the challenges facing first-time fund managers and the emerging trends shaping the investment landscape.

Greg Jensen, Co-CIO of Bridgewater Associates, discusses the intricate strategies behind the $150 billion investment giant. He shares insights on the firm's culture of radical truth and transparency, which aligns with Stephen Gilmore's New Zealand Super Fund portfolio. They dive into market evolution, emphasizing the need for adaptation amidst inflation and economic shifts. Personal reflections include the importance of mentorship in leadership, the impact of daily habits like intermittent fasting, and how formative experiences shape decision-making.

Chuck Davis, CEO and Chairman of Stone Point Capital, shares insights from his impressive career, including over two decades at Goldman Sachs. He discusses the strategic shift from investment banking to private equity and the formation of his firm, which specializes in financial services. Chuck elaborates on sourcing top executives and fostering partnerships within portfolio companies. He emphasizes the importance of teamwork and independent thought in investment decisions, along with balancing professional demands through mindfulness and athleticism.

Jonathan Lewinsohn, co-founder of Diameter Capital Partners, and Kristen VanGelder, Deputy Chief Investment Officer at Evanston Capital, delve into the intricacies of credit markets. They discuss Diameter's strategic approach to investing and how Evanston backed Diameter from the start. The conversation also touches on the evolution of distressed debt investing, navigating crises, and the vital role of thorough research. Together, they emphasize the importance of adaptability and the influence of personal experiences on their investment philosophies.

Orlando Bravo, Founder and Managing Partner of Thoma Bravo, shares his journey from tennis enthusiast to a leading private equity figure with over $78 billion in assets. He discusses the critical role of culture in organizational success and his investment philosophy focused on innovation and analytics. The conversation delves into the dynamics of team decision-making and the evolving landscape of SaaS investments. Bravo also shares insights on SPACs, valuations, and the importance of philanthropy, offering a glimpse into his unique approach to business and life.

Julia Bonafede, Co-founder of Rosetta Analytics and former President of Wilshire Consulting, joins Jim Dunn, CEO and CIO of Verger Capital. They discuss the transformative impact of AI in investment strategies, focusing on neural networks and reinforcement learning. Julia shares insights on the challenges in adopting AI for asset management and the evolution of investment consulting. Jim reveals why he invested in Rosetta and how it fits into Verger’s portfolio. Their conversation also touches on the importance of adaptive strategies in managing risk and optimizing returns.

Doug Ostrover, Co-Founder and CEO of Blue Owl Capital, shares his extensive experience in leveraged finance and private equity. He reflects on his journey from New Jersey to the founding of GSO, highlighting the importance of culture and relationships in finance. The conversation dives into the significance of direct lending and the unique attributes of permanent capital vehicles. Doug also discusses navigating the competitive landscape post-2008 financial crisis, emphasizing the need for resilience and continuous learning in investment strategies.

In this engaging conversation, Tom Lenehan, Chief Investment Officer of the Wallace Foundation, chats with Bill Ford, Chairman and CEO of General Atlantic, a leader in growth equity investing. Bill shares his incredible journey with General Atlantic and reveals the firm's unique investment strategies. They dive into personal finance lessons and the crucial role of ethics in investment leadership. The discussion also touches on the competitive landscape of global markets, the impact of biotechnology, and navigating the evolving US-China relations.

Virginie Morgon, CEO of Eurazeo, shares her journey from investment banking to leading one of Europe's top private equity firms. She discusses the evolution of Eurazeo and its emphasis on ESG principles, highlighting transformative growth strategies that increased assets from $3 billion to $8 billion. The importance of long-term investment perspectives and balancing shareholder and investor interests are also key themes. Virginie offers personal insights on leadership and the necessity of supportive structures for women in finance.