In this episode, Matt Cohen chats with Wendy Li, the co-founder and Chief Investment Officer of Ivy Invest, about her journey from managing institutional endowments to founding a fintech startup. Wendy shares insights from her experiences at the Metropolitan Museum of Art, the UJA Federation of New York, and the Mother Cabrini Health Foundation.

She highlights her decision to leave a traditional allocator role to build Ivy Invest, a platform democratizing access to institutional-quality investments for retail investors. Wendy discusses the challenges of being a first-time founder, how emerging managers can build trust with institutional investors, and the long-term lessons from her career.

About Wendy Li:

Wendy Li is the Co-Founder and Chief Investment Officer of Ivy Invest, a platform that helps individual investors access investment portfolios similar to those used by big institutions. She has over 10 years of experience managing large investment funds and holds a Chartered Financial Analyst certification.

Before starting Ivy Invest, Wendy was the Managing Director of Investments at the Mother Cabrini Health Foundation, where she set up the investment office and managed $4 billion. At the UJA-Federation of New York, she oversaw a $1 billion endowment and a $400 million pension plan. Her career began at the Metropolitan Museum of Art, where she worked as a Senior Investment Analyst.

Wendy studied at Columbia University, where she earned her Bachelor’s degree.

Topics

(01:13) Early Career Journey: Wendy shares her upbringing in Pennsylvania, moving to NYC, and her entry into finance at Columbia University.

(02:30) First Role at the Met Museum: Insights from working with an established portfolio, sitting across high-profile investment committee members, and lessons on portfolio management.

(04:51) The Transition to UJA: Managing a new investment office, building credibility with a seasoned investment committee, and reshaping a hedge fund-heavy portfolio.

(06:57) Influence of David Swensen: Learning from Swensen's Yale Model and its focus on alternative investments, plus her direct exposure to the Yale network through colleagues.

(09:48) Building Ivy Invest: Why Wendy left the endowment world to create Ivy Invest, the challenges of launching an SEC-registered fund, and solving access and complexity barriers for individual investors.

(19:14) Fund Structure: Ivy Invest’s single-fund strategy blending public and private investments, its interval fund structure, and quarterly repurchase options for investors.

(24:11) Emerging Manager Advice: Key strategies for preparing to meet with institutional investors, understanding their specific needs, and how to build trust over time.

(28:17) Long-Term Relationships: Why personal rapport, patience, and a deep understanding of both LPs and your own strategy are essential for emerging managers.

(31:17) Lessons as a First-Time Founder: Transitioning to a fintech startup, learning to navigate the tech and regulatory landscape, and unexpected challenges like user access glitches.

(36:38) Co-Founders and Team Dynamics: The complementary skills of her co-founders, balancing optimism with risk awareness, and maintaining trust and humor through challenges.

(38:42) Brand Awareness and Challenges: Educating retail investors about their eligibility and building recognition for Ivy Invest’s mission.

(39:54) Surprises from Early Investors: The diversity of early adopters and how their demographics exceeded initial expectations.

Fast Favorites

* Favorite Podcast: How I Built This

* Favorite Newsletter: Matt Levine’s Money Stuff

* Favorite Tech Gadget: iPhone

* Favorite Trend: Established alternative investment managers opening access to retail investors

* Favorite Book: A Tree Grows in Brooklyn by Betty Smith

* Favorite Life Lesson: “Finish what you start.”

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