Michael Miller, CIO at Crewcial Partners, sits down with David Weisburd to discuss how nonprofit institutions invest, how they think about portfolio construction, and how they manage liquidity.

(0:00) Episode preview

(1:14) Overview of Crewcial Partners

(2:18) Portfolio breakdown across private assets

(3:23) Investing in asset classes when they’re out of favor

(4:41) Managing portfolio liquidity

(6:42) Optimization of private and public equity exposure

(7:33) Role of fixed income in the portfolio

(8:44) Diversification strategies of top LPs

(10:00) Investing discretionary and nondiscretionary assets

(11:12) Embracing inefficiency

(13:25) Securing GP allocations

(15:22) Manager selection

(17:27) Understanding LP psychology and priorities

(19:01) Political activism in VC

(22:25) Fund distributions and liquidity

(24:44) Investment committee dynamics at nonprofits

(27:20) Follow & subscribe to the 10X Capital Podcast

(27:41) Managing fund investment concentration risks

(30:07) Pros & cons of spinouts

(31:59) Advantages to investing in funds early

(34:45) The importance of non-conformity for high returns

(35:55) Closing thoughts