Channel Title: Capital Allocators with Ted Seides Channel Description: Allocator and asset management expert, Ted Seides, conducts in-depth interviews with leaders in the institutional investing industry. Guests include Chief Investment Officers from leading allocators, asset managers, strategists, thought leaders, and many more. Our mission is to learn, share, and help implement the process of premier investors. Ted founded Capital Allocators LLC in 2016 to explore best practices in the asset management industry from the perspective of asset owners, managers, and other relevant players. He hosts the Capital Allocators podcast, serves as an advisor to allocators and asset managers, and educates investors. From 2002 to 2015, Ted was a founder of Protégé Partners LLC and served as President and Co-Chief Investment Officer. Ted began his career in 1992 under the tutelage of David Swensen at the Yale University Investments Office. Ted holds a BA, Cum Laude, from Yale University and an MBA from Harvard Business School. <video> Training Grounds: Wellington Management – Jean Hynes (EP.423) Description: Today’s show is our third in the Training Grounds mini-series, following Carnegie Corporation and Bain Capital to better understand how certain organizations have developed industry leaders. Wellington Management is one of the world’s largest, privately held asset managers, managing over $1.3 trillion in assets with 875 investment professionals across 19 offices and a nearly 100 year history with an unusually low level of turnover along the way. Wellington has developed, recruited, and retained leading global investment talent across public equities, fixed income, and recently private markets as well. My guest to discuss this training ground is Jean Hynes, CEO of Wellington, who has spent more than thirty years at the firm starting as an administrative assistant. Our conversation covers Wellington’s cultural values and boutique investment team model, including apprenticeship for junior talent, recruiting at the mid-level, and promotion all the way to partner. We then discuss Wellington’s evolution from a U.S. equity value shop to a global, multi-asset, multi-strategy powerhouse, and Jean’s evolution from a portfolio manager to CEO. Take Capital Allocators Audience Engagement Survey Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership </video> <video> Troy Pospisil, CEO - Ontra (Investment Management Operations, EP.42) Description: This Sponsored Insight features Troy Pospisil, CEO of Ontra, a legaltech firm created for the private markets industry. It was great sitting down with Troy to talk about the evolution of how legal and compliance workflows are going digital. We cover his career from management consulting to the investment team at H.I.G. Capital where he saw a glaring need for better solutions with doing deals and raising funds. We discuss product development opportunities and challenges, multi-stakeholder engagements and how digital-native leaders are embracing software to speed up fund closings at a lower cost and compliance risk. Subscribe to the mailing list: https://capitalallocators.com/ Access Transcript with Premium Membership: https://capitalallocators.com/signup/ Subscribe on Apple Podcast: https://podcasts.apple.com/us/podcast/capital-allocators-inside-the-institutional/id1223764016 Follow Ted on Twitter: https://twitter.com/tseides Follow Ted on LinkedIn: https://www.linkedin.com/in/tedseides/ Original Publish Date: 11/19/2024 </video> <video> Richey Reneberg, Co-Head of IR - Taconic Capital (Investment Management Operations, EP.41 Description: Richey Reneberg is the Global Co-Head of Investor Relations and Marketing at Taconic Capital, a global event-driven alternatives manager founded in 1999 by former Goldman Sachs Partners, Frank Brosens and Ken Brody. Richey’s career path into the industry is atypical so I was excited to share his story. Prior to joining Taconic in 2000, Richey spent thirteen years competing on the professional tennis circuit reaching a career high of #20 in the world in singles and #1 in the world in doubles. He was a five-time member of the US Davis Cup Team and represented the United States in the 1996 Olympics. Richey shares how personal connections created an opportunity into the investment industry and how skills learned on the court transferred to the business world. We then uncover some best practices through the lens of an IR person. Whether you are engaging with a GP on ODD or monitoring a manager in your portfolio, Richey provides some insights from his 20 years in the business on how to create strong GP and LP relationships. Take Capital Allocator’s Audience Engagement Survey: https://www.capitalallocators.com/annual-survey/ Subscribe to the mailing list: https://capitalallocators.com/ Access Transcript with Premium Membership: https://capitalallocators.com/signup/ Subscribe on Apple Podcast: https://podcasts.apple.com/us/podcast/capital-allocators-inside-the-institutional/id1223764016 Follow Ted on Twitter: https://twitter.com/tseides Follow Ted on LinkedIn: https://www.linkedin.com/in/tedseides/ Original Publish Date: 11/05/2024 </video> <video> Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416) Description: Chris and Rob Michalik are twin brothers and co-founders of Kinderhook Industries, a middle-market private equity firm overseeing $8 billion focused on healthcare services, environmental services, and the automotive aftermarket. Chris and Rob joined me on Private Equity Deals to discuss one of their portfolio companies, Ironclad Environmental Services, and that conversation is replayed in the feed. This time around, we discuss their story attached at the hip. We cover their background and path to starting Kinderhook, including rooming together for the first 26 years of their lives. We discuss the firm's family-like culture, three pillars of its investment approach, unwarranted scrutiny of private equity in the healthcare sector, and the recent example of their purchase of Stewardship Medical Group out of the bankrupt Steward Healthcare. Take Capital Allocators Audience Engagement Survey Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership </video> <video> Jon Glidden - Delta Airlines Pension Fund Turnaround (EP.417) Description: Jon Glidden is the CIO of Delta Air Lines, where he oversees the company’s $16 billion pension fund. Jon joined Delta in 2011, when the plan had $7.5 billion in assets, a $13 billion underfunded liability, and the highest actuarial expected rate of return (9%) of any company in the S&P 500. Despite funded status that threatened the solvency of the company thirteen years ago, investment performance combined with corporate contributions that offset plan payouts have improved Delta’s funding status from 42% to 102% today, creating the largest corporate pension turnaround in history. Our conversation discusses Jon’s independent thinking and innovative approach that led to his incredible feat. We start with his Naval and investment background and then cover the four forces that drive his investment philosophy - portable alpha, private equity, portfolio construction, and governance - and the implementation of each. Take Capital Allocators Audience Engagement Survey Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership </video> <video> Asset Management Consolidation - Simon Krinsky, Hall Capital and Tim McCusker, NEPC (EP.421) Description: Consolidation in asset management is one of the industry's most important trends. When any industry enters a mature phase, consolidation brings the benefits of economies of scale, product depth, and broader services to meet client demands. We’ve seen a rising tide of merger activity in recent years, effecting both asset managers and allocators alike. My guests on today’s show are leaders of two organizations that announced mergers in October – Simon Krinsky, a Managing Partner at Hall Capital and Tim McCusker, CIO at NEPC. Hall announced a merger with Pathstone, adding its $45 billion in assets to Pathstone’s $100 billion. NEPC announced a sale of a majority stake in its firm to Hightower Holdings, adding NEPC’s $1.8 trillion of assets under advisement to Hightower’s $130 billion of assets under management. Both Hall and NEPC have been longstanding independent organizations that are selling to a partner backed by private equity owners. Simon and Tim walk through their rationale for the transactions, deal process from idea to signing, and opportunities and challenges going forward. The organizations share similarities in their long independent history, broad equity ownership, and investment capability, while also having significant differences in their new partners, incentive structure, and plan to service clients. Together, Simon and Tim offer an inside look at dealmaking in asset management. Take Capital Allocators Audience Engagement Survey Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership </video> <video> Eric Peters - Paradigm Shifts and Solutions at One River (EP.422) Description: Eric Peters leads both One River Asset Management and Coinbase Asset Management and writes a widely dispersed blog called Wknd Notes, in which he shares macro insights. He’s twice been a guest on the show, discussing his bespoke macro investment strategy four years ago and the case for Bitcoin three years ago. Both conversations are replayed in the feed. Since then, many of One River’s strategies played out well during Covid, and Coinbase acquired One River Digital Asset Management in March 2023. We got back together to discuss how Eric has adapted to the changing environment, including One River’s shift from bespoke offerings to a total portfolio solution and the continued case for Bitcoin. Along the way, Eric shares his keen insights on portfolio construction, left-tail risks, and right-tail opportunities. Take Capital Allocators Audience Engagement Survey Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership </video> <video> Ron Landen, CAO & GC - HighVista Strategies (Investment Management Operations, EP.43) Description: Ron Landen is a Partner, Chief Administrative Officer, and General Counsel at HighVista Strategies, an alternative asset manager with approximately $11 billion in assets. Given the uptick in M&A activity, I was interested in getting Ron’s input following their acquisition of abrdn’s US private markets business. Ron’s background makes him uniquely positioned to share best practices with acquiring another investment firm. He shares how the organization effectively doubled in headcount and assets and the implications on legal, IR and operations. We also talk about the importance of culture, integration, hiring for range and the “knock on” effects of managing new service providers. Take Capital Allocator’s Audience Engagement Survey: https://www.capitalallocators.com/annual-survey/ Subscribe to the mailing list: https://capitalallocators.com/ Access Transcript with Premium Membership: https://capitalallocators.com/signup/ Subscribe on Apple Podcast: https://podcasts.apple.com/us/podcast/capital-allocators-inside-the-institutional/id1223764016 Follow Ted on Twitter: https://twitter.com/tseides Follow Ted on LinkedIn: https://www.linkedin.com/in/tedseides/ Original Publish Date: 12/3/2024 </video> <video> WTT: Yale Backs Emerging Managers… and Then What? Description: The Yale Investments Office will soon select its first round of Prospect Fellowship recipients. I’ve been thinking about why Yale launched the Fellowship and what might happen as it rolls out. Yale, emerging managers, and other allocators have opportunities and risks arising from the program, including some potential unintended consequences. Read Ted’s blog here. </video> <video> Chris Heller - Ten Years of Weird Alternatives (EP.420) Description: Chris Heller is the Co-Founder of Cordillera Investment Partners, a $1.6 billion manager of non-correlated, niche investments, or weird alternatives. Cordillera looks for investments ahead of the crowd that offer compelling returns and significant diversification. Chris came on the podcast two years ago in our Manager Meeting series interviewed by FEG’s Greg Dowling, and that conversation is replayed in the feed. Our follow-up covers lessons learned over ten years of focusing on off-the-run investments. We reflect on Cordillera’s strategy, sourcing funnel, research, operating partners, deal structures, and risk management. We then discuss the importance of people, humility, and struggle in investment success. Along the way, Chris colors his lessons with examples from specialty financing of whiskey, boat marinas, wireless spectrum, land for data centers, sports, and cheese. Take Capital Allocators Audience Engagement Survey Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership </video> <video> Jeff Glass - Home Equity Investment at Hometap (EP.418) Description: Jeff Glass is the Cofounder and CEO of Hometap Equity Partners, a novel platform with $1 billion of investments alongside a mission to allow homeowners to access their home equity without having to sell, stress, or borrow. Jeff started the business eight years ago after a series of successes as an entrepreneur followed by seven years investing at Bain Capital Ventures. Our conversation covers Jeff’s early lessons in sales, entrepreneurship, and investing that led to the founding of Hometap. We then discuss Hometap’s investment strategy, including the chicken-and-egg problem of starting the business, sourcing homeowners, sourcing capital, and developing the team, culture, and infrastructure that brings it all together. Take Capital Allocators Audience Engagement Survey Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership </video> <video> Matt Bank - GEMs on Risk, Asset Allocation, and Manager Selection (EP.419) Description: Matt Bank is the Deputy Chief Investment Officer at GEM, an OCIO that manages $12 billion for forty clients. GEM was founded in 2007 by investment leaders at The Duke Endowment and Duke University Investment Management Company. Our conversation covers Matt’s path to investing under recent guest David Salem and lessons learned about risk and governance while under his tutelage. We then turn to Matt’s move to GEM and its positioning in the OCIO industry. We cover GEM’s approach to asset allocation and manager selection, and close with Matt’s thoughts on active and passive investing, venture capital, hedge funds, and drivers of success going forward. Take Capital Allocators Audience Engagement Survey Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership </video> <video> Ricky Sandler - Evolution of Long-Short Equity Investing (EP.414) Description: Ricky Sandler is one of the OGs of fundamental long-short equity investing. Ricky started managing a hedge fund thirty years ago and founded Eminence Capital a few years later. Today, he is the CEO and CIO at Eminence, where he oversees $7 billion across long-short, long-only, and long-extension strategies. Our conversation covers Ricky’s path to launching Eminence in his twenties and the evolution of long-short investing in the decades since. We dive into Eminence's culture, adaptation in the investment process, and creation of investment products to meet the needs of allocators, each of which has been an essential part of the firm’s ability to survive and thrive amid changing market dynamics. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership </video> <video> Scott Bessent - Macro Maven (EP.415) Description: Scott Bessent is the CEO and CIO of Key Square Group and a renowned global macro investor. His 40-year investment career has included two stints at Soros Fund Management, the first for a decade under Stan Druckenmiller and the second for five as CIO. In between, Scott launched a hedge fund, retired, and joined me at Protégé Partners when he learned retirement wasn’t for him. Following his second tour at Soros, Scott started Key Square with $4.5 billion, one of the largest hedge fund launches in history. Scott has been profiled in two best-selling investment books, Steve Drobny’s Inside the House of Money and Sebastian Mallaby’s More Money than God. Our conversation covers Scott’s investment path learning research from Jim Rogers, short selling from Jim Chanos, global macro investing from George Soros and Stan Druckenmiller, and twice hanging his own shingle. We discuss high-conviction ideas, asymmetric asset selection, position sizing, risk management, a hub and spoke approach, and core challenges of the global macro hedge fund business. I once told Scott that he could read the newspaper six months ahead of time because I had never encountered someone with his ability to connect dots and imagine investments others had not considered. His interest in improving the country’s economic picture has led him to shed his publicity-shy nature, and I’m grateful for the opportunity to share his story. Take Capital Allocators Audience Engagement Survey Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership </video> <video> Mike Peltier, COO - VCIMCO (Investment Management Operations, EP.44) Description: Mike Peltier is the COO of VCU Investment Management Company, supporting Virginia Commonwealth University and its related entities in Richmond, Virginia. Virginia Commonwealth University is pioneering what it means to be a public research university while remaining focused on innovation, diversity, and access in the Commonwealth and beyond. Mike shares lessons learned from his audit and tax background helped him lead the operations of the investment office. We discuss the key pillars of the tech stack and some unique ways to leverage common technology to create efficiency. Mike discusses AI use cases you can use today that reduces the friction with investment and operations teams of all sizes. We then turn to outsourcing service providers and the importance of building personal networks to stay on top of an ever-changing industry. Take Capital Allocator’s Audience Engagement Survey: https://www.capitalallocators.com/annual-survey/ Subscribe to the mailing list: https://capitalallocators.com/ Access Transcript with Premium Membership: https://capitalallocators.com/signup/ Subscribe on Apple Podcast: https://podcasts.apple.com/us/podcast/capital-allocators-inside-the-institutional/id1223764016 Follow Ted on Twitter: https://twitter.com/tseides Follow Ted on LinkedIn: https://www.linkedin.com/in/tedseides/ Original Publish Date: 12/17/2024 </video>

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Description

Allocator and asset management expert, Ted Seides, conducts in-depth interviews with leaders in the institutional investing industry. Guests include Chief Investment Officers from leading allocators, asset managers, strategists, thought leaders, and many more. Our mission is to learn, share, and help implement the process of premier investors.

Ted founded Capital Allocators LLC in 2016 to explore best practices in the asset management industry from the perspective of asset owners, managers, and other relevant players. He hosts the Capital Allocators podcast, serves as an advisor to allocators and asset managers, and educates investors.

From 2002 to 2015, Ted was a founder of Protégé Partners LLC and served as President and Co-Chief Investment Officer.

Ted began his career in 1992 under the tutelage of David Swensen at the Yale University Investments Office. Ted holds a BA, Cum Laude, from Yale University and an MBA from Harvard Business School.

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