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) Introduction to Michael Miller and Crucial Partners

(1:57) Investment Target Allocation Overview

(3:41) Nonprofit Investment Strategies and Distribution Requirements

(6:42) Private vs. Public Equity: Balancing Long-term and Short-term Investments

(9:08) Asset Management Approach: Discretionary vs. Nondiscretionary

(10:35) GP/LP Relationships and the Importance of Transparency

(12:25) Embracing Inefficiency and Capacity-Constrained Managers

(14:47) The Role of Sticky Capital in Asset Management

(16:19) Leveraging Client Base to Access Top Managers

(17:27) Understanding the True Priorities of LPs

(19:01) Venture Capital in the Face of Political Activism and Social Media

(20:50) Strategies for Building a Venture Portfolio in the Current Year

(22:25) The Impact of Interest Rates on New Venture Investments

(24:44) Nonprofits: Balancing Mission with Investment Returns

(25:34) Investment Committee Dynamics and Composition

(27:20) Addressing Incentive Issues within Nonprofit Committees

(28:15) Fund Concentration and Client Allocation Strategies

(30:07) Evaluating Spinouts and Early Investment Opportunities

(33:45) The Concept of Aspirational Investing

(34:45) Avoiding Conformity in Investment Decisions

(36:03) Sticking to Core Principles for Long-term Success

(36:28) Conclusion and Future Episode Teaser

(36:40) Sponsor: Acme Investments