Capital Allocators – Inside the Institutional Investment Industry

This week's Summer Series is another twofer, Dawn Fitzpatrick from Soros and Steve Rattner from Willett Advisors, Michael Bloomberg's family office. We packaged these two leading single-family offices together to hear their different approaches to a similar investment challenge, with Soros leaning heavily on internal teams and Willett primarily on external.

Please enjoy my conversations with Dawn Fitzpatrick and Steve Rattner, both from 2019. Original Air Dates:

Dawn Fitzpatrick EP. 111 – November 3, 2019 Steve Rattner EP. 153 – November 17, 2019

Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

This week's Summer Series is another twofer, Dawn Fitzpatrick from Soros and Steve Rattner from Willett Advisors, Michael Bloomberg's family office. We packaged these two leading single-family offices together to hear their different approaches to a similar investment challenge, with Soros leaning heavily on internal teams and Willett primarily on external.

Please enjoy my conversations with Dawn Fitzpatrick and Steve Rattner, both from 2019. Original Air Dates:

Dawn Fitzpatrick EP. 111 – November 3, 2019 Steve Rattner EP. 153 – November 17, 2019

Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

The movies from my teenage years foreshadowed the topsy-turvy world of today's private equity industry. Back then, we heard of strange things afoot at the Circle K (Bill & Ted's Excellent Adventure) and dogs and cats living together (Ghostbusters). Today, a lack of distributions and secondary sales from longstanding leaders strange things in the industry and the convergence of public and private assets might feel like dogs and cats living together.

I've been thinking about how this will play out over time and in particular, where future commitments from LPs will land.

Read Ted's blog here.

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Our Summer Series kickoff is a twofer, Andy Golden, now retired after thirty years at Princeton University Investment Management Company, and Scott Wilson from Washington University-St. Louis. We packaged these two leading endowments to compare their investment styles.

Scott comes from a direct investing background and has adopted a position-focused approach to diligence and co-investing, leading to a very different portfolio construction. It's perhaps the leading example of a new approach in the endowment world.

Original air date: October 4, 2020

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)

Our Summer Series kickoff is a twofer, Andy Golden, now retired after thirty years at Princeton University Investment Management Company, and Scott Wilson from Washington University-St. Louis. We packaged these two leading endowments to compare their investment styles. Andy started his career at Yale with me and became one of the leaders of the endowment model for decades. His discussion of Princo's decision-making process is among the most referenced descriptions of any podcast with a CIO.

Original air date: June 26, 2017 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)

Ron Kantowitz is the Head of Private Debt for Invesco's Private Credit platform, where he leads a team that manages middle-market, senior secured, direct lending. The Invesco Private Credit Platform manages $46 billion across Direct Lending, Syndicated Loans, CLO's, and Distressed Credit/Special Situations. Our conversation traces Ron's path to lending and three decades of experience alongside the evolution of the lending markets. We discuss his direct lending strategy, investment process, and perspectives on competition, the role of banks, and opportunities ahead for private credit investors. NA4597908 Capital Allocators and Invesco are not in any way affiliated. This information is intended for Institutional Investors that are US residents. Click here to view the full Disclaimer. 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)

Today's show features one of the biggest industry legends you may never have heard before.

My guest is Tim Sullivan, who recently retired from overseeing Yale University's private market portfolios for 39 years. He joined the Yale Investments Office upon graduation from Yale College in 1986, just one year after David Swensen took the helm. He worked alongside David to build and manage the most successful institutional private equity and venture capital programs in history.

Tim lived through the 1987 crash, the early years allocating to privates when no one else did, the dot.com boom and bust, the institutional adoption of alternatives after David published his book in 2000, the GFC, the ZIRP aftermath that created a bigger boom until the hiccup in 2021. We weave in and out of that history, as Tim shares lessons from how Yale managed its portfolios along the way.

Tim carries a quiet conviction and sharp analytical mind developed from the front line of the greatest success in institutional investing for decades, and he weighs in on the increasing challenges of repeating that past success going forward.

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Eighteen years ago, I made a bet with Warren Buffett that pitted hedge funds against the S&P 500. The bet took on a life of its own, and I benefited from it far differently than I imagined at its inception. Almost two decades later, I have an idea for another bet with similar intrigue. Read WTT: A New Twist on an Old Bet with Buffett

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Michael Ovitz is the legendary co-founder of Creative Artists Agency, where he transformed Hollywood's talent business and built the most powerful force in entertainment. In his time at CAA, Michael shaped the trajectories of artists, filmmakers, and companies, including actors Tom Cruise, Kevin Costner, Bill Murray, Sylvester Stallone, and Barbra Streisand, filmmaker Steven Spielberg, author Michael Crichton, talk show host David Letterman, the Coca Cola Company, and many, many more. Michael transitioned from entertainment to investing thirty years ago, advising Marc Andreesen and Ben Horowitz on the creation of a16z, and most recently, partnering with Ali Hamed as Chairman of Treville Capital Group. Ali has twice been a past guest on the show, and those conversations are replayed in the feed.

Our conversation begins with Michael's formative influences from his upbringing, early lessons that shaped his relentless drive, and origins of CAA. We cover his fascination with creativity, CAA's culture of empowerment, honesty, and momentum, and frameworks for building businesses, assessing talent, focusing on relationships, and learning from new industries.

We then turn to Michael's recent work with Ali at Treville. We discuss the beginning of their partnership, the process of scaling, the building of momentum, and the systems that foster accountability, relentless follow-up, and refreshing of relationships. Michael closes with candid reflections on his mistakes and life lessons that continue to shape his remarkable path.

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Ali Hamed is the Founder of CoVenture a $2 billion investor across the capital stack of technology start-ups reinventing the economy of the future. Ali first appeared on the show three years ago when CoVenture's assets were around $100 million. That conversation is replayed in the feed. Our second conversation starts with an update on CoVenture's growth and dives into Crossbeam Venture Partners, CoVenture's venture business. We discuss Crossbeam's sweet spot, sourcing, due diligence, deal dynamics, ownership, and decision-making for follow-on rounds. We then turn to examples in fintech and platforms, and close with how CoVenture's taste for novel assets fits into the venture ecosystem. 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)