Capital Allocators – Inside the Institutional Investment Industry Ted Seides – Allocator and Asset Management Expert

Yann Robard is the founder of Dawson Partners, a leading global alternative asset manager overseeing $20 billion that provides innovative structured solutions to the private markets. Formed initially as Whitehorse Liquidity Partners and rebranded as Dawson, both names are inspired by Yann’s 1,000 km bicycle journey in the Canadian Arctic that led to his becoming a trailblazer in the market.

Our conversation covers Yann's entrepreneurial career path, including fourteen years in the formative stages of Canadian Pension CPPIB. We discuss the success of the private equity industry, valuations, liquidity, the necessity of scale, and creating solutions that balance the needs of GPs and LPs. We turn to the process and culture at Dawson and the exciting future of the secondaries market.
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Please join us for our first Capital Allocators University for Investor Relations and Business Development Professionals. Learn more and sign up here.

Graham Weaver is the managing partner of Alpine Investors, a $17 billion people-driven private equity firm that invests in software and services businesses. Graham founded Alpine on the belief that exceptional people create exceptional businesses. Alpine’s PeopleFirst approach includes hiring, training, and placing an army of CEOs in its portfolio companies. The strategy has led Alpine to be recognized by Prequin as the most consistent top-performing private equity fund manager.

Our conversation covers Graham’s early interest in self-help, his path to private equity, and launch of Alpine in 2001. We discuss his early mistakes, discovery of Alpine’s PeopleFirst approach, and the firm’s playbook focused on CEOs and M&A at portfolio companies. We close with Graham’s thoughts on teaching and enlightenment.
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Mo Haghbin is the Head of Multi-Asset Solutions at Invesco, where he develops and manages asset allocation strategies and portfolio solutions for $88 billion of client assets within the $1.7 trillion juggernaut.

Our conversation covers Mo's journey to finance and his path to a leadership role at Invesco. We discuss Invesco’s solutions-based approach that canvasses every type of asset pool and structure and focuses first on top-down strategic asset allocation and tactical positioning, and only later on manager selection. We cover the research that drives asset allocation and factor decisions, importance of scaling customized solutions, and impact of technology in the process.

All investing involves risk, including the risk of loss.

This should not be considered a recommendation to purchase any investment product. This does not constitute a recommendation of any investment strategy for a particular investor. Investors should consult a financial professional before making any investment decisions if they are uncertain whether an investment is suitable for them. Please obtain and review all financial material carefully before investing.

Asset allocation and diversification do not guarantee a profit or eliminate the risk of loss. This material is not intended to provide, and should not be relied on, for tax advice.

The opinions expressed are those of the presenter(s), are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.

All information as of April 29, 2024, in USD, unless stated otherwise.

Invesco and FTSE Russell are not affiliated entities.

Capital Allocators and Invesco are not in any way affiliated.

The Invesco Solutions (IS) team is part of Invesco Advisers, Inc. (IAI), an investment adviser that provides investment advisory services and does not sell securities.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities.

Invesco Advisers, Inc. is an indirect wholly owned subsidiary of Invesco Ltd.

©2024 Invesco All rights reserved.

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Anne-Marie Fink is the Head of Private Markets and Funds Alpha at the State of Wisconsin Investment Board or SWIB, which manages $140 billion of pension funds in the state. SWIB is not your typical U.S. pension fund manager. It invests with outstanding governance, alignment with beneficiaries, delegated authority, a competitively compensated team, and cutting-edge strategies, all of which have contributed to a fully funded plan. Anne-Marie joined SWIB to lead its external manager efforts four years ago following a career that spans both direct and fund investing.

Our conversation highlights Anne-Marie’s path, applying the skills of picking stocks to assessing stock picking managers, the history and governance of SWIB, its unique payout structure that creates alignment, and their investment approach across portfolio construction, internal and external investing, asset classes, and risk management.
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My last post, The Investment Office Playbook: What Managers Don’t See, discussed part of what happens inside an investment office that managers don’t see but that significantly influences the cadence of capital deployed to managers.

Of course, there are two sides to every coin. This post discusses what allocators don’t see when a manager chooses to grow.

Read Ted’s blog here.