Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert
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Allocator and asset management expert, Ted Seides, conducts in-depth interviews with leaders in the institutional investing industry. Guests include Chief Investment Officers from leading allocators, asset managers, strategists, thought leaders, and many more. Our mission is to learn, share, and help implement the process of premier investors. Learn more and join our community at capitalallocators.com.

  1. 22H AGO

    Stephen Gilmore – CalPERS' Total Portfolio Approach

    Stephen Gilmore is the Chief Investment Officer of CalPERS, which at $600 billion is the largest public pension fund in the U.S. and one of the largest institutional pools of capital in the world. Stephen joined CalPERS eighteen months ago from a career spanning Wall Street, the IMF, and two of the most innovative sovereign wealth funds, where he was Chief Investment Strategist at Australia Future Fund and CIO at New Zealand Super Fund.   Our conversation dives into the theory and implementation of the Total Portfolio Approach, drawing on Stephen's experience at Australia and New Zealand, and his plans for CalPERS. We cover the TPA mindset, its fostering of sound governance and accountability, comparisons to Strategic Asset Allocation, challenges of implementation, and the adaptation of the model at CalPERS.   Stephen is one of the most experienced practitioners of TPA in the world. Our discussion pairs well with my recent conversation with Ashby Monk, as more allocators learn and consider this approach to managing assets.  Learn more about our Strategic Investments: Thema.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

    58 min

  2. 23H AGO

    [REPLAY] Matt Whineray – Leading New Zealand Super Fund

    Matt Whineray is the CEO of New Zealand Superannuation Fund or Super Fund, one of the highest performing, most innovative and well-regarded large-scale investment allocators in the world. The New Zealand government created the Super Fund in 2001 to help defray the costs of retirees in the country in the decades to come. Matt joined the organization in 2008 and became the CEO in 2018 and oversees NZ$42 billion.   Our conversation starts with Matt's background and the creation and objectives of the Super Fund. We then walk through the Super Fund's investment philosophy, which is guided by four competitive advantages or endowments and nine investment beliefs. From there, we dive into the implementation of the strategy, covering the risk allocation process, reference portfolio or benchmark of liquid assets, long-term risk budget and medium-term tactical targets across five risk baskets. We discuss the difference between these risk allocations and a traditional asset class structure, hybrid structure employing internal and external managers, internal strategic tilting program, structure of the team, current perspectives on asset classes, ESG, scaling activities to support upcoming inflows, and culture.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

    1h 1m

  3. 23H AGO

    [REPLAY] Raphael Arndt – Australia's Sovereign Wealth Fund CIO

    Raff Arndt is the Chief Investment Officer of Australia's AUZ$145 billion Sovereign Wealth Fund, the Future Fund.  He trained as an engineer and dove into infrastructure policy at the beginning of Australia's privatizations in the late 1990s. After investing in the space for six year, he joined the Future Fund in 2008 to head the infrastructure team. Six years later, Raff became CIO.   Our conversation spans all aspects of the management of a next generation institutional portfolio, including a one team, one portfolio philosophy, disaggregating beta and factors from skill in public markets, separating the impact of leverage and timing from skill in private markets, venture capital and co-investment opportunities in a large pool of capital, the option value of flexibility, the team required to make decisions in this format, compensation, fees, views on China, and the current market environment.   Australia created the Future Fund only eleven years ago with a mandate to compound capital for 20 years before even contemplating withdrawals. It has been described to me as a pool of capital with the size and transparency of CalPERS and the sophistication of Yale. I'm sure you'll soon understand why.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

    1h 26m

  4. 4D AGO

    Brendan O'Connor – Alpha Opportunities in Australia at Regal Partners

    Brendan O'Connor is the CEO of Regal Partners, a premier alternatives manager in Australia with A$21B of funds under management across hedge funds, credit and royalties, real and natural assets, and growth equities. Brendan joined the firm in 2016 and has helped lead its expansion from a $1B long short specialist to a publicly listed, multi-strategy alternatives firm today. Our conversation traces Regal's evolution from its origins as a founder-led hedge fund into an integrated multi-strategy platform. We discuss the unique economic and structural dynamics of the Australian market, and how Regal leverages its deep sector and cross asset expertise to hunt for alpha. We cover Regal's 4 step investment analysis and risk process, the integration of investment teams, and perspectives on the exciting future of Australian markets.   For more information, please visit https://www.regalpartners.com/ or investorrelations@regalpartners.com   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

    57 min

  5. FEB 2

    Jonathan Lewinsohn – Credit Microcycles at Diameter

    Jonathan Lewinsohn is the co-Managing Partner of Diameter Capital Partners, a credit-focused investment firm he founded with Scott Goodwin in 2017 that manages $25 billion across hedge fund, dislocation, CLO, and direct lending strategies. Jonathan last appeared on the show five years ago interviewed by Kristen VanGelder from Evanston Capital, and that conversation is replayed in the feed. Our conversation offers a comprehensive credit market update, including Jonathan's take on the business of credit investing, private credit, industry microcycles in AI, housing, telecom, chemicals, and healthcare, competition among creditors, the insurance-driven investment grade market, and the importance of macro awareness in credit investing. Jonathan's blend of investment insights and market opportunities is a real treat, and comes on the occasion of a likely public listing of a Diameter BDC. Learn more about our Strategic Investments: Ascension Data. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

    1h 15m

  6. FEB 2

    [REPLAY] Jonathan Lewinsohn – Diameter Capital Partners

    On today's manager meeting, Kristen VanGelder speaks with Jonathan Lewinsohn. Kristen is Deputy Chief Investment Officer at Evanston Capital, a $4 billion hedge fund of funds whose CEO and CIO, Adam Blitz, was a past guest on the show. She's spent the last eighteen years at Evanston alongside Adam and the team. Jonathan co-founded Diameter Capital four years ago alongside Scott Goodwin and today manages a $6 billion credit-focused hedge fund alongside $1 billion in CDOs and a $1 billion drawdown fund. The two were colleagues at Anchorage Capital, and Jonathan spent some time at Centerbridge Capital as well before starting Diameter.   Their conversation includes insights into the credit markets, Diameter's approach, and how it all comes together. Before we dive in, Kristen and I discuss how Evanston came to back Diameter on day one and how it fits into their portfolio.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

    59 min

  7. JAN 26

    Lane MacDonald – Teamwork, Alignment, and Investing at the Highest Levels at SCS

    Lane MacDonald is the Chief Investment Officer of SCS Financial, a registered investment adviser and OCIO platform with approximately $46 billion in assets under management. Lane was a U.S. Olympic hockey player and Hobey Baker award winner as the best player in college hockey in the late '80s, but his aspirations of following in his father's footsteps and playing in the NHL were derailed shortly thereafter by injuries. In the decades since, he spent a dozen years in private equity and the last eighteen as an allocator at institutions ranging from the Harvard endowment to the family office for the owners of Fidelity, and now SCS. Our conversation traces Lane's path from the rink to investing, and from dealmaker to allocator, examining what separates great investors from good ones. We discuss the importance of domain expertise, sector selection, alignment, and identification of a durable edge and structural alpha in increasingly efficient markets. We close with Lane's outlook on private markets and the lessons from hockey, endowments, and family offices that inform the team-oriented platform at SCS. Learn more about our Strategic Investments: Old Well Labs. All opinions expressed by Ted and podcast guests are solely their own opinions and do not reflect the opinion of Capital Allocators or their firms. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Capital Allocators or podcast guests may maintain positions and securities discussed on this podcast. All investments include various risks including loss of capital. This recording also contains certain forward-looking statements that reflect the participants' current views with respect to certain current and future events. These forward-looking statements are, and will be, subject to many risks, which may cause future events to be materially different from these forward-looking statements, or anything implied therein. Forward-looking statements that reference past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. Any forward-looking statements in this transcript are based upon information available to the participants on the date of this recording and are not expected to be updated or revised even if experience or future changes. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

    1h 1m

  8. JAN 22

    Nick Rohatyn – Emerging Markets Multi-Asset Investing at TRG

    Nick is the CEO of The Rohatyn Group, a global emerging markets and real assets investment firm he founded in 2002 that manages $7 billion across public and private markets. Nick previously spent two decades leading JP Morgan's emerging markets business across multiple cycles and served on the bank's Executive Committee. He also served as the founding chair of the Emerging Market Traders Association and later as chair of the Emerging Markets Private Equity Association. Nick's worldview is also shaped by his international family history of doing well while doing good. His grandfather, Clarence Streit, was a longtime New York Times foreign correspondent, and his father, Felix Rohatyn, was one of the most influential financiers of his generation. Our conversation traces Nick's path from his international upbringing to capital markets innovation at JP Morgan and the founding of TRG. We discuss his multi-asset class, horizontal investment approach to emerging markets, problems of emerging market benchmarks, necessity of diversification in surviving volatile cycles, importance of currency management, and value of creating scale through acquisitions. We close with Nick's views on the opportunity ahead and his ambition to build a leading global, multi-asset class emerging markets firm. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

    1h 23m
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Allocator and asset management expert, Ted Seides, conducts in-depth interviews with leaders in the institutional investing industry. Guests include Chief Investment Officers from leading allocators, asset managers, strategists, thought leaders, and many more. Our mission is to learn, share, and help implement the process of premier investors. Learn more and join our community at capitalallocators.com.

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