AAAIM High ELI

Our guest for today’s podcast is Eunice McHugh, Director of Private Credit at San Francisco Employees’ Retirement System (“SFERS”). Eunice is responsible for the buildout and management of the Private Credit portfolio, which has a 10% target allocation for the fund. Eunice has led SFERS' Private Credit efforts (initially as part of the Fixed Income portfolio) since she joined SFERS in early 2013. Under Eunice’s leadership, the Private Credit portfolio has delivered an annual return of 11% over the past decade, surpassing its benchmark by over 500 bps. SFERS’ Private Credit portfolio is comprised of multiple alternative credit and credit-related strategies. These include investments in direct lending, mezzanine, credit opportunities, specialty finance including asset-based lending/structured credit and real assets-related credit, real estate debt, distressed/special situations, and other opportunistic strategies. In addition, SFERS’ Private Credit program is a global portfolio with investments across the U.S., Europe, Asia, Latin America, and other emerging markets. Eunice is responsible for portfolio construction and leads investment research, due diligence, and manager selection across all these opportunities. Joining me on the podcast as co-host is Sylvia Owens who is a Partner at Kennedy Lewis Investment Management, an opportunistic credit manager focusing on event-driven situations in which a catalyst may unlock investment value. So what does it take to lead one of the top Private Credit portfolios in the business? Well, Eunice was gracious enough to spend the time with us to share her story. Without further ado, please enjoy our interview with Eunice McHugh.

Our guest for today’s podcast is Jonathan Xiong, former Asia-Pacific Co-CEO of Millennium. After a 20+ year career in portfolio management working for some of the top investment houses in the business including Millennium, GSAM, Mellon Capital and Franklin Templeton, Jonathan has taken the bold step to start his own asset management business. I was intrigued with Jonathan’s background after reading a Bloomberg article about him launching his own Asia multi-strategy fund. The platform model is dominated by the largest and most well established firms like Millennium, Citadel, and Point 72. How could a small guy enter the market and compete with the Goliath’s in the business? Well, I wanted to know and Jonathan was ready to share his story. Without further ado, please enjoy our interview with Jonathan Xiong.

Our guest for today’s podcast is Amanda Moore, CEO and Co-Founder of Aurora Peak Capital, a mission-driven investment firm, dedicated to alleviating the U.S. housing affordability crisis through investments in below market-rate multifamily housing communities. Amanda's first home in the United States was an affordable housing complex in Los Angeles County. Her family were Vietnam war refugees who were rescued by the U.S. Airforce from refugee camps and flown to California and placed in a Section 8 community. Amanda is grateful for the Section 8 housing complex because it filled her childhood with happy memories where her family had a safe and beautiful environment with a strong sense of community. Amanda is on a mission to ensure affordable housing parallels her childhood experience: provide low -income families a safe environment where they are proud to call home and can thrive against the backdrop of a housing crisis: lack of affordable, safe, and quality housing. Amanda has over 20 years of real estate experience, starting her career as an underwriter and then transitioning to become a capital raiser for Starwood Capital’s notable opportunistic global funds, covering Asia and U.S. institutional investors. So what does it take to launch your own real estate investment firm? Authenticity, passion, and a fearless, kick-ass leader in Amanda Moore. Without further ado, here is our podcast with Amanda Moore.

Our guest for today’s podcast is Soo Kim, Managing Partner and CIO of Standard General, an investment firm he started in 2007. Soo also serves as Chairman of Bally's Corporation. Soo has been investing in special situations strategies since 1997, including as co-founder of Cyrus Capital Partners from 2005 to 2007 and at Och-Ziff Capital Management from 1999 to 2005, where he was a Principal and co-founder of its fixed income business. Before joining Och-Ziff, he was an analyst for the Capital Management Group at Bankers Trust Company from 1997 to 1999. Soo holds an A.B. from the Woodrow Wilson School of Public and International Affairs at Princeton University and is a graduate of Stuyvesant High School, one of the top public high schools in New York City. I always learn a lot whenever I interact with Soo so I know the audience will get a lot from this conversation. Joining me on the podcast as co-host is Mike Kim, CIO of Lalia Capital, a single family office focused on private investments. Without further ado, here is our conversation with Soo Kim.

Our guest for today’s podcast is Eva Ho, General Partner of Fika Ventures, an early stage venture capital firm that invests in founders solving meaningful, systemic problems through the use of data, related AI-enabled technologies, and automation. While this horizontal thesis allows Fika Ventures to be fairly sector agnostic, the firm is especially drawn to innovations in enterprise software, fintech, marketplaces, and digital health. Fika is investing out of their Fund III and has committed capital of over $300 million life to date. Prior to Fika, Eva was a founding GP at Susa Ventures. She is a serial entrepreneur and founder, most recently a founding executive at Factual, a leading location data provider in Los Angeles. Prior, she was a Senior Product Marketing Manager at Google and Youtube for 5 years. Prior to Google, she was the head of marketing for Applied Semantics, a company that sold to Google in 2003. Eva holds an MBA from Cornell and a BA from Harvard. Eva also graduated from one of the top high schools in the country, Boston Latin School. And for those listeners who know me, I am biased as that is my high school. In fact, Eva and I were high school classmates and we took many of the same AP classes together back in the day! So, how does one get their start to becoming a great venture capitalist? There isn’t a clear answer, but I know our listeners will get a lot from this interview. Without further ado, here is our conversation with Eva Ho.

Our guest for today’s podcast is Marcie Frost, Chief Executive Officer of CalPERS. Marcie joined CalPERS as CEO in October 2016. She is the ninth CEO and second woman to head America's largest pension fund. As CEO, Marcie oversees an annual budget of $1.8 billion, an experienced team of 2,800 professionals, and three lines of business for the fund: pensions, health benefits, and investments. CalPERS administers a defined benefit retirement system for more than 1.9 million California public sector workers and their families. It is the nation's second-largest purchaser of health care benefits, covering more than 1.5 million lives. CalPERS' global investment portfolios stand at roughly $460 billion at the time of this recording. Under Marcie's leadership, CalPERS is focused on maximizing long-term investment returns to meet the fund's fiduciary responsibility to members and leverage the fund's global strength to drive sustainable markets. So how did Marcie land one of the most coveted jobs in the business? What does it take to run one of the nation’s most influential pensions? What is CalPERS looking for in the next CIO? You want to know? Well, we’ve got the answers. Without further ado, here is our conversation with Marcie Frost.

Our guest for today’s podcast is Arun Assumall, Global Head of Cross Asset QIS and Commodity Investor Products at Macquarie Group. Since joining Macquarie in 2011, Arun has built an impressive global business within the bank by offering sophisticated investors access to beta and risk premia strategies commonly referred to as Quantitative Investment Strategies, QIS. In a recent article published by Bloomberg, they estimate that over $370 billion in investor assets are currently tied to QIS offered by investment banks. So what does it take to build a global business from scratch? And how did Arun, who started off in sales, do it? Humility, luck, and not being afraid to hire people that are smarter than himself…. Congrats to Macquarie on becoming a market leader in QIS and Arun Assumall - a British Indian, an Asian leader, a champion of Diversity, Equity and Inclusion – for leading the way. And thanks to Arun for sharing his path on this podcast. Without further ado, here is our conversation with Arun Assumall.

Our guest for today’s podcast is Andy Lee, Managing Partner of Parallaxes Capital, an investment firm he founded in 2017 at the age of 26. Previously, Andy was with Lone Star Funds and, with Lone Star’s support, he spun off to form Parallaxes Capital to take advantage of an esoteric and growing asset class – Tax Receivable Agreements (TRAs). Andy is as smart and talented as they come, having entered college at 15 and earning his Bachelors in Finance and Accountancy from the University of Illinois at Urbana-Champaign. He went on to earn his Masters in Accountancy before joining Citigroup as an investment banker for his first job out of college. Andy has been featured in publications including Institutional Investor, NBC, Forbes (as part of the 2020 Class of 30 under 30), ReOrg Radio and Fitch’s LevFin Insights. Joining me on this podcast as co-host is Nicholas Pon, Investment Director at the YMCA Retirement Fund, where he is part of a team that manages over $8.5 billion in assets under management. Nick’s expertise is on uncorrelated assets across public and private markets, where he focuses much of his time on evaluating hedge fund strategies. Thanks to Nick for joining this podcast and taking the time to interview Andy. Without further ado, here is our conversation with Andy Lee.

Our guest for today’s podcast is David Ng, who is a Vice President at Avante Capital Partners, a boutique private credit firm with approximately $1 bn in AUM that harnesses the power of diversity and challenges the status quo. David joined Avante in 2022 and is responsible for identifying, underwriting, executing and managing investment opportunities. David has over 10 years of middle-market debt and equity experience. Prior to Avante, David worked as a Vice President in Partners Group’s NYC office, where he was responsible for originating, underwriting, structuring, and managing middle market credit investments across a diverse range of industries. Prior to Partners Group, he spent his formative years at Nomura and KPMG. David is a member of AAAIM’s Norman Mineta co-hort program and we look forward to all the great things he will continue to do in his career and for the industry. Without further ado, here is our conversation with David Ng.

Our guest for today’s podcast is Sarah Hammer, Managing Director of the Center for Innovation in Finance and Senior Fellow of the Alternative Investments Program at the Wharton School of the University of Pennsylvania and who most recently served as Acting Secretary of the Dept of Banking for Commonwealth of PA and has now returned to her love for private capital investing and financial technology. She is also Adjunct Professor of Law at the University of Pennsylvania Law School, teaching a course on financial regulation and alternative investments. No stranger to public service, she also previously worked at the US Dept of Treasury as Acting Deputy Assistant Secretary for Financial Institutions and Director of the Office of Financial Institutions Policy. She is a lifetime learner who instills the same passion in her students and with the Cypher Accelerator Program at Wharton supporting new startups in the fin tech space including blockchain and crypto. Sarah has held various leadership positions throughout financial services in portfolio management, trading, marketing, research, and analytics at various firms like Vanguard, PIMCO, JP Morgan, BlackRock, and Tudor Investments. But it’s her love of learning and connecting folks that has led Sarah from finance to law to academia to public policy and back to financial technology and always with the [mindset] of being a public servant and serving the greater good. Without further delay, here is my conversation with Sarah Hammer.

Our guest for today’s podcast is Pedro Ramos, CEO of Somar Capital Management, a consumer focused equity long/short hedge fund he started in 2015 after perfecting his craft as a portfolio manager at Tremblant Capital. Pedro combines strategy consulting, investment banking, entrepreneurial and buy-side public and private investing experience in multiple industries and countries. His investing activities have spanned multiple macro-economic and political scenarios (including the 1980s inflation, the 1990s dot.com bubble, the 2008 GFC, sovereign crisis, Brexit, and the 2020-2021 Covid-19 pandemic). Joining me as guest co-host on this podcast is Rich Cheung, who looks after Alternative Investments and Hedge Funds for the private bank arm of Truist Financial. Rich is an experienced hedge fund allocator with over 20+ years experience in the space. Without further ado, here is our conversation with Pedro Ramos.

Our guest for today’s podcast is Damien Dwin, Founder and CEO of Lafayette Square, a national investment platform he founded in November 2020. Lafayette Square aims to create investment opportunities in overlooked places and underserved markets. We invest across asset classes and seek to provide robust risk-adjusted returns to investors while positively supporting people and communities. By increasing access to economic opportunity, Lafayette Square is helping to build a more inclusive American economy. Previously, Damien served as Co-Founder and Co-CEO of Brightwood Capital Advisors for 10 years, and prior to that, Damien had a very successful Wall Street career with the majority of his time spent at Goldman Sachs and Credit Suisse. Damien is an active thought leader on mass incarceration, economic inclusion, racial justice and representation, and the use of purpose and profit for good. Without further ado, here is our conversation with Damien Dwin

Our guest for today’s podcast is Chris Shen, Co-Founder and COO of Revere VC, a start-up that he co-founded with Eric Woo, a veteran of the venture capital fund of fund business. Revere VC is looking to become “the Morningstar of Venture Capital” and is building the first rating system for evaluating early-stage venture capital firms. Chris’ professional work experience is deep and wide where he has spent time as an investor and lawyer for over 15 years in the US and Greater China across public and private investments, asset management, and financial products. Chris shares many insights on this podcast, from his journey to working in China, his time as a lawyer, building out a family office and starting Revere VC. Without further ado, here is our conversation with Chris Shen.

Our guest for today’s podcast is Victor Hu, Managing Partner and Co-Founder of Lumos Capital Group, an investment firm focused on growth companies in the human capital development and education technology sectors globally. Lumos partners with companies that are creating better outcomes for individuals and institutions in the learning, teaching and talent markets. Victor believes deeply in the power of education to transform society and help people reach their full potential. Growing up in Asia and Africa, he saw how a commitment to investing in human capital is the foundation for lifting entire societies out of poverty. Victor’s career has been focused on the intersection of education, finance and technology. Prior to Lumos, Victor was a Managing Director and Global Head of Education Technology & Knowledge Services Investment Banking at Goldman Sachs. Prior to Goldman Sachs, Victor also spent time as an attorney at Cleary Gottlieb Steen & Hamilton. Victor received an MBA from the Wharton School at the University of Pennsylvania, a JD from Harvard Law School and a BA from Amherst College. Without further ado, here is our conversation with Victor Hu.

Our guest for today’s podcast is Jon Grabel, CIO of the Los Angeles County Employees Retirement Association, also known as LACERA. In his role, Jon has the responsibility for managing over $70 billion in AUM on behalf of LACERA’s active and retired members. Prior to LACERA, Jon was the CIO for New Mexico PERA and the Montgomery County Public Schools. In total, Jon has served the important role of CIO for over 12 years in the second act of his highly accomplished career. Previously, Jon was a general partner at a private equity firm focused on growth-stage investments in technology, networking industries, and digital communications. Jon spent his formative years as an investment banker and licensed CPA. He received his Bachelor of Science in economics from the Wharton School of the University of Pennsylvania and his MBA from the University of Chicago Booth School of Business. I have to say, despite all his credentials and accomplishments, I am not sure if you will find a more humble and down to earth guy than Jon. Without further ado, here is our conversation with Jon Grabel.

Our guest for today’s podcast is Ellen Hung, Deputy CIO at the State Universities Retirement System (also knowns as SURS), which is based in Champaign, Illinois. As Deputy CIO, Ellen oversees over $22bn in fund assets and works closely with the CIO on asset allocation and implementing new initiatives across the fund. More recently, Ellen helped to develop SURS’ Crisis Risk sleeve which includes allocations to systematic trend following managers, long duration managers, as well as alternative risk premia managers. I thoroughly enjoyed my conversation with Ellen given we share many common experiences growing up as kids of Chinese immigrant parents that didn’t speak English and hustled to give their kids the ability to chase the American dream. It is no surprise that under Ellen’s leadership that SURS is well known as a large supporter of diverse investment managers with over 40% of the portfolio managed by diverse firms. Without further ado, here is our conversation with Ellen Hung.

Our guest for today’s podcast is Anthony Chiu, Deputy CIO at the Kentucky Public Pensions Authority based in Louisville, Kentucky. As Deputy CIO, Anthony is part of a team of 4 that oversees approximately $22 bn in fund assets. Anthony’s specific focus is on the fund’s private equity and alternatives program. Anthony is as talented as they come, having graduated as valedictorian of his high school, attending Stanford, and qualifying as a contestant on the game show, Jeopardy! In 2016, after spending his formative years learning the craft of private equity at GE, being an equity long/short analyst at a hedge fund, and spending time as an asset allocator sourcing and evaluating external managers across both public and private markets, Anthony returned home and joined the Kentucky Public Pensions Authority, rising to his current role as Deputy CIO this past summer in 2022. Anthony’s depth and breadth of experience is enviable and I hope the audience enjoys my conversation with him. Without further ado, here is our conversation with Anthony Chiu.

Our guest for today’s podcast is Gretchen Tai, VP of Investments at CSAA Insurance Group, a AAA Insurer. In her role, Gretchen effectively serves as the CIO and has a team of 7 investment professionals that oversees $10 billion in assets. Gretchen joined CSAA in 2019 after serving as a portfolio manager at SECOR Asset Management, a boutique global asset management firm known for providing comprehensive and customized solutions to a wide array of institutional clients. Prior to that, Gretchen spent 13 years at HP, including the last 6 years as the CIO of HP’s pension and 401(k) assets. So what does it take for an Asian female to rise to the top of her profession? You have questions, we have answers. Without further ado, here is our conversation with Gretchen Tai.

Our guest for today’s podcast is Scott Chan, Deputy Chief Investment Officer of the California State Teachers’ Retirement System (better known as CalSTRS). CalSTRS is the largest teachers’ retirement system and second largest public pension fund in the United States. A world-class financial services institution and state agency, CalSTRS is known for its unique organizational culture which emphasizes customer service, leadership and respect for its members and colleagues. What a pleasure it was for me and fellow AAAIM Board member, Susan Soh, to hear Scott’s background and his path to becoming one of the most powerful people in finance. As Deputy CIO, Scott oversees CalSTRS’ investment division and is responsible for leading a diverse and growing team of over 200 investment professionals. He manages eight critical investment functions including investment strategy and risk, global equities, fixed income, real estate, private equity, risk mitigating strategies, inflation sensitive and sustainable investment and stewardship strategies. What a mouthful… And, he reports directly into the great Chris Ailman who is highly regarded to be one of the best CIOs in the business. Direct investing; getting to net zero; embracing diversity, equity and inclusion – you want it, Scott delivers it… Without further ado, here is our conversation with Scott Chan.

Our guest for today’s podcast is Amie Patel, CEO of Elevar Equity, a venture capital impact firm with headquarters in India. Elevar Equity fuels the economic resilience and vibrancy of underserved customers and low income communities by investing early growth capital in entrepreneurs building at the intersection of inclusivity, affordability and massive scale. Led by an entrepreneurial emerging markets team passionate about addressing issues of access and inequity, Elevar invests in businesses that demonstrate a direct correlation between high impact and returns. So far in its 15-year journey, the Elevar Method of investing has democratized essential products and services for over 40 million households and catalyzed billions of dollars of capital into 40+ companies across India and Latin America. What a treat it was for me to interview Amie who is one of the kindest, most authentic do gooders” that I have come across in the business. Without further ado, here is our conversation with Amie Patel.