Capital Decanted John Bowman and Christie Hamilton

Permanent Capital or GP Stakes structures aim to take further advantage of long-dated patient capital in private markets. Furthermore, they allow the LP to participate in additional cash flow streams with the GP that are elusive in a traditional fund structure. In other words, it allows LPs to get exposure to a variety of alternative asset managers as minority owners in the GPs themselves. But does this provide a purer incentive alignment of investors and GPs or simply split allegiance and attention between multiple masters?  In this episode, with the help of the largest GP Stakes participant, Blue Owl, and a large LP in their fund, USAA, we examine the evolution of the approach, its idiosyncratic and multi-faceted return stream, and try to honestly assess some of the myths that haunt the space.



Guests:


Sean Ward, Senior Managing Director, GP Strategic Capital Platform, Blue Owl
Shawn Ury, CAIA, Executive Director and Head of Alts, USAA

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Since the arrival of Modern Portfolio Theory (MPT) in the early 1950’s by the legendary Harry Markowitz, the industry has been sturdily anchored to this philosophy and all of it’s artifacts when constructing portfolios. In recent years, however, an enterprising handful of large institutional asset owners have begun challenging the common wisdom of a strategic asset allocation approach given it tends to breed silo behavior, unhealthy competition for resources and attention, unrecognized duplication or disjointed risk exposure across the portfolio, and difficulty in managing the capital pool holistically around a view of the future. This is the story of how CAIA convened some of the most reputable and largest asset owners in the world to amplify the benefits of TPA and perhaps, the beginning of a new era.



Guests:


Ben Samild, Chief Investment Officer, Future Fund


Jayne Bok, CFA, CAIA, Head of Investments, Asia, Willis Towers Watson



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The Outsourced Chief Investment Officer—once a last resort option for sub-scale capital pools looking to avoid the hassle and cost of building their own investment office to today, a multi-trillion dollar subset of the asset management profession and arguably the hottest structural trend in the industry. Take a listen while we examine:


What insights and opportunities led to the creation of this segment of organizations and why has that exploded in the ensuing four decades? 
What defines a successful OCIO? And why has that trajectory and evolution seemingly reached an inflection point—hyperdrive really-- in the last five years that has redefined the space and encouraged newer, larger entrants?



Guests:


Mark Anson, CAIA, CFA;  CEO, President and CIO, Commonfund


Sarah Samuels, CAIA, CFA: Partner, NEPC



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After a four decade relative period of global stability, the world order has fractured and grown more unpredictable. The new multi-polar reality poses a major problem for leaders and investors as our traditional guardrails, narratives, and structures seem less useful. How should an investor integrate geopolitical trends into their investment thesis and what pitfalls and common mistakes should we watch out for?

Guests:

Anastasia Titarchuk, CIO, New York State Common Retirement Fund

Marko Papic, Partner, Clocktower Group

In order for the capital markets system to continually grow in its transparency, efficiency and fairness, it needs a combination of free market ingenuity and regulatory protection. With the meteoric rise and importance of alternative investments in the past decade, did the SEC strike that balance correctly with the new Private Advisors Rule? Directionally, probably yes but certainly the details are far from perfect and unintended consequences are inevitable. With an aim to provide a practical guide for the layman practitioner, we explore the history of light touch regulation of private funds, highlight the important elements and implications of the rule, and explain why CAIA joined ILPA and many asset owners in submitting an Amicus Brief to the 5th Circuit Court of Appeals defending the spirit of the rule.

Guests:
Jen Choi, CEO, ILPA
Jon Grabel, CIO, Lacera



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This episode had to happen.  The origin story of this show necessitated it.  And what better timing then to release it as our holiday special when many of you around the world will be sitting around the table with family and friends, breaking bread and sharing a bottle of fine fermented grape juice.  But beyond our passion for drinking and socializing around wine, is there an investable asset class here yet?  We examine the history of wine investing, the lifecycle of the grape, and the very unique investment characteristics of each stage of the lifecycle.  Then we invite two experts, both of which have brought the category to mainstream acceptance in different ways, on either end of that production spectrum to help us think through this burgeoning opportunity set.

Guests:

Matthew Parker, Head of Viticulture, Nuveen Natural Capital

Anthony Zhang, CEO, Vinovest


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