Capital Allocators – Inside the Institutional Investment Industry

Stephen Gilmore is the Chief Investment Officer of CalPERS, which at $600 billion is the largest public pension fund in the U.S. and one of the largest institutional pools of capital in the world. Stephen joined CalPERS eighteen months ago from a career spanning Wall Street, the IMF, and two of the most innovative sovereign wealth funds, where he was Chief Investment Strategist at Australia Future Fund and CIO at New Zealand Super Fund. Our conversation dives into the theory and implementation of the Total Portfolio Approach, drawing on Stephen's experience at Australia and New Zealand, and his plans for CalPERS. We cover the TPA mindset, its fostering of sound governance and accountability, comparisons to Strategic Asset Allocation, challenges of implementation, and the adaptation of the model at CalPERS. Stephen is one of the most experienced practitioners of TPA in the world. Our discussion pairs well with my recent conversation with Ashby Monk, as more allocators learn and consider this approach to managing assets. Learn more about our Strategic Investments: Thema. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Matt Whineray is the CEO of New Zealand Superannuation Fund or Super Fund, one of the highest performing, most innovative and well-regarded large-scale investment allocators in the world. The New Zealand government created the Super Fund in 2001 to help defray the costs of retirees in the country in the decades to come. Matt joined the organization in 2008 and became the CEO in 2018 and oversees NZ$42 billion. Our conversation starts with Matt's background and the creation and objectives of the Super Fund. We then walk through the Super Fund's investment philosophy, which is guided by four competitive advantages or endowments and nine investment beliefs. From there, we dive into the implementation of the strategy, covering the risk allocation process, reference portfolio or benchmark of liquid assets, long-term risk budget and medium-term tactical targets across five risk baskets. We discuss the difference between these risk allocations and a traditional asset class structure, hybrid structure employing internal and external managers, internal strategic tilting program, structure of the team, current perspectives on asset classes, ESG, scaling activities to support upcoming inflows, and culture. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Raff Arndt is the Chief Investment Officer of Australia's AUZ$145 billion Sovereign Wealth Fund, the Future Fund. He trained as an engineer and dove into infrastructure policy at the beginning of Australia's privatizations in the late 1990s. After investing in the space for six year, he joined the Future Fund in 2008 to head the infrastructure team. Six years later, Raff became CIO. Our conversation spans all aspects of the management of a next generation institutional portfolio, including a one team, one portfolio philosophy, disaggregating beta and factors from skill in public markets, separating the impact of leverage and timing from skill in private markets, venture capital and co-investment opportunities in a large pool of capital, the option value of flexibility, the team required to make decisions in this format, compensation, fees, views on China, and the current market environment. Australia created the Future Fund only eleven years ago with a mandate to compound capital for 20 years before even contemplating withdrawals. It has been described to me as a pool of capital with the size and transparency of CalPERS and the sophistication of Yale. I'm sure you'll soon understand why. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Brendan O'Connor is the CEO of Regal Partners, a premier alternatives manager in Australia with A$21B of FUM across hedge funds, credit and royalties, real and natural assets, and growth equities. Brendan joined the firm in 2016 and has helped lead its expansion from a $1B long short specialist to a publicly listed, multi-strategy alternatives firm today. Our conversation traces Regal's evolution from its origins as a founder-led hedge fund into an integrated multi-strategy platform. We discuss the unique economic and structural dynamics of the Australian market, and how Regal leverages its deep sector and cross asset expertise to hunt for alpha. We cover Regal's 4 step investment analysis and risk process, the integration of investment teams, and perspectives on the exciting future of Australian markets. For more information, please visit Regal Partners or get in touch. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Jonathan Lewinsohn is the co-Managing Partner of Diameter Capital Partners, a credit-focused investment firm he founded with Scott Goodwin in 2017 that manages $25 billion across hedge fund, dislocation, CLO, and direct lending strategies. Jonathan last appeared on the show five years ago interviewed by Kristen VanGelder from Evanston Capital, and that conversation is replayed in the feed. Our conversation offers a comprehensive credit market update, including Jonathan's take on the business of credit investing, private credit, industry microcycles in AI, housing, telecom, chemicals, and healthcare, competition among creditors, the insurance-driven investment grade market, and the importance of macro awareness in credit investing. Jonathan's blend of investment insights and market opportunities is a real treat, and comes on the occasion of a likely public listing of a Diameter BDC. Learn more about our Strategic Investments: Ascension Data. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

On today's manager meeting, Kristen VanGelder speaks with Jonathan Lewinsohn. Kristen is Deputy Chief Investment Officer at Evanston Capital, a $4 billion hedge fund of funds whose CEO and CIO, Adam Blitz, was a past guest on the show. She's spent the last eighteen years at Evanston alongside Adam and the team. Jonathan co-founded Diameter Capital four years ago alongside Scott Goodwin and today manages a $6 billion credit-focused hedge fund alongside $1 billion in CDOs and a $1 billion drawdown fund. The two were colleagues at Anchorage Capital, and Jonathan spent some time at Centerbridge Capital as well before starting Diameter. Their conversation includes insights into the credit markets, Diameter's approach, and how it all comes together. Before we dive in, Kristen and I discuss how Evanston came to back Diameter on day one and how it fits into their portfolio. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Lane MacDonald is the Chief Investment Officer of SCS Financial, a registered investment adviser and OCIO platform with approximately $46 billion in assets under management. Lane was a U.S. Olympic hockey player and Hobey Baker award winner as the best player in college hockey in the late '80s, but his aspirations of following in his father's footsteps and playing in the NHL were derailed shortly thereafter by injuries. In the decades since, he spent a dozen years in private equity and the last eighteen as an allocator at institutions ranging from the Harvard endowment to the family office for the owners of Fidelity, and now SCS. Our conversation traces Lane's path from the rink to investing, and from dealmaker to allocator, examining what separates great investors from good ones. We discuss the importance of domain expertise, sector selection, alignment, and identification of a durable edge and structural alpha in increasingly efficient markets. We close with Lane's outlook on private markets and the lessons from hockey, endowments, and family offices that inform the team-oriented platform at SCS. Learn more about our Strategic Investments: Old Well Labs. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Nick is the CEO of The Rohatyn Group, a global emerging markets and real assets investment firm he founded in 2002 that manages $7 billion across public and private markets. Nick previously spent two decades leading JP Morgan's emerging markets business across multiple cycles and served on the bank's Executive Committee. He also served as the founding chair of the Emerging Market Traders Association and later as chair of the Emerging Markets Private Equity Association. Nick's worldview is also shaped by his international family history of doing well while doing good. His grandfather, Clarence Streit, was a longtime New York Times foreign correspondent, and his father, Felix Rohatyn, was one of the most influential financiers of his generation. Our conversation traces Nick's path from his international upbringing to capital markets innovation at JP Morgan and the founding of TRG. We discuss his multi-asset class, horizontal investment approach to emerging markets, problems of emerging market benchmarks, necessity of diversification in surviving volatile cycles, importance of currency management, and value of creating scale through acquisitions. We close with Nick's views on the opportunity ahead and his ambition to build a leading global, multi-asset class emerging markets firm. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Scott Kleinman is the Co-President of Apollo Asset Management. Scott joined Apollo in 1996 as its 13th employee and has spent nearly three decades helping build the firm into nearly a trillion-dollar alternative asset manager and retirement powerhouse. Our conversation traces Apollo's evolution from a value-oriented private equity boutique to an integrated platform investing across the capital structure at scale. We discuss the firm's core philosophy of excess return per unit of risk, its post-GFC expansion into private credit and retirement services, and why origination—not capital—has become the key constraint on its growth. We also explore Scott's transition from dealmaker to firm-wide leader, touching on culture, incentives, communication, and governance. We close with Scott's perspective on today's credit environment, the convergence of public and private markets, and the risks and opportunities shaping the next phase of alternative investing. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Dr. Ashby Monk is the Executive and Research Director of the Stanford Research Initiative on Long-Term Investing. Over the last two decades, Ashby has worked closely with some of the world's largest sovereign wealth funds and pension funds on governance, organizational design, technology, and investment strategy. He is also a co-founder of KDX Management, a venture capital firm focused on investech, a co-founder of several startups in the space, and a repeat past guest on the show. His first and most recent appearances are replayed in the feed. Our conversation explores the increasingly popular Total Portfolio Approach, Ashby's perspective on the role of AI and data in the investment office of the future, including his work with Hoopit AI, a very cool relationship intelligence platform, and examples of innovation at Saudi Arabia's Public Investment Fund and the New Mexico State Investment Council. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Dr. Ashby Monk is the Executive & Research Director of the Stanford Research Initiative on Long-Term Investing. Ashby has studied and advised the largest asset owners in the world for more than twenty years with a particular interest in how to improve outcomes for their beneficiaries and the world. Ash also serves as the Head of Research at Addepar, a fintech company that helps investors make smarter decisions. He has twice appeared on the show – as the 29th guest back in 2017 and again two years ago – and those conversations are replayed in the feed. Our conversation starts with a recent paper Ashby published called Investor Identity: The Ultimate Driver of Returns. We discuss the descriptors of identity and enabling factors that determine each investor's fingerprint. From there, we dive into technology as an enabler and how technological innovation can improve returns. We then turn to ESG investing and another of Ashby's recent papers, Submergence = Drawdown + Recovery, that discusses the importance of considering the combined drawdown and recovery period in making investment decisions. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Dr. Ashby Monk is the Executive and Research Director of the Stanford University Global Projects Center. He is also a Senior Research Associate at the University of Oxford, a Senior Advisor to the Chief Investment Officer of the University of California, and the co-founder of Long Game. Ashby advises sovereign wealth funds and large pension funds, and is involved with a bunch of fin tech companies, all of which attempt to create innovative solutions to fixing the financial future for individuals, pensions and countries in the years ahead. Our conversation starts with Ashby's early work experience and path through academia, and flows into an exploration of next generation, lower cost approaches to active management for large asset owners. We touch on investing in public equity, private equity, venture capital, and hedge funds using examples from the Canadian and Australian pensions, New Zealand Super Fund, and University of California endowment. Lastly, we discuss Long Game, an innovative company seeking to improve personal savings in the U.S. Ashby is a passion-driven, creative thinker who rightfully has the ear of some of the most important pools of capital in the world. His ideas will change the way you think about allocating capital. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Today's episode continues our ongoing mini-series covering organizations that have proven to be great training grounds of talent. There may be none larger and quieter than Capital Group, the $3.2 trillion global asset manager whose 650-person investment team and 9,400 associates have historically experienced a fraction of the turnover of industry norms. My guest is Mike Gitlin, the CEO of Capital Group, known for its long-term philosophy, private ownership, and multi-manager investment system. Founded in 1931 by Johnathan Bell Lovelace, Capital Group is one of the industry's largest and most enduring active managers. Mike joined the firm as a lateral hire in 2015, after more than two decades across the buy side, sell side, hedge funds, and global markets. Our exploration of Capital Group covers Mike's path through the investment industry, Capital's approach to recruiting and training talent, ownership model, client-centric focus, Capital System investment model, organization of a large, global team, and new product development. We close with Capital Group's five-year strategic plan as it approaches the firm's hundred-year anniversary in 2031. I've been fascinated by Capital for most of my life, as it was the professional home for my uncle, the late Jim Rothenberg, for his entire 45 year career. It is a privilege for me to share this conversation with memories of Uncle Jim in mind. Learn more about our Strategic Investments: Old Well Labs, Thema, and Ascension Data. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

We're counting down the top 5 episodes of 2025. Coming in at #1 is the legend, Howard Marks from Oaktree. I waited a while to have Howard on the show to capture a moment where one of his Memos particularly caught my eye. That happened when he wrote 'Gimme Credit' earlier this year. We dive into his thoughts on the implications of the growth of private credit for investors. With that, I hope you sprint to the finish line of this year with all the gusto in your soul, and come out on the other side of the ball drop with renewed excitement, aspirations, and energy for the year ahead. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

We're counting down the top 5 episodes of 2025. At #2 is Ian Charles from Arctos Partners. Before founding Arctos alongside Doc O'Connor to dominate the sports investing sector, Ian spent his career creating liquidity solutions in private markets. Arctos' second strategy goes back to his roots, providing solutions for GPs. In all of his work, Ian is intensively research and data-driven, and he brings that to bear to describe the current state of private market businesses. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

We're counting down the top 5 episodes of 2025. Coming in at #3 is Tim Sullivan. Tim joined the Yale Investments Office in 1986, a year after David Swensen arrived, and retired this year. In his 39 years in the saddle, he led Yale's private equity investing, which was the biggest return driver in the biggest success story over the last four decades. He shares four decades worth of wisdom and insights in our conversation. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

For this year's annual review, our CEO Hank and I cover investment trends across private and public markets and top-of-mind issues for allocators. We then discuss highlights of the podcast and our efforts to improve discoverability of great episodes, outstanding asset management fintech products, and Capital Allocators University. With the Year in Review, we also kick off our countdown of the most popular episodes of 2025. We'll drop two this week and the top three next week. Wishing you a relaxing, enjoyable, and very happy holiday! Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

We're counting down the top 5 episodes of 2025. Coming in at #5, is Adrian Meli from Eagle Capital. It's a fun, nuanced exploration of applying the most sophisticated tools of hedge fund investing to long only public equities. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

We're counting down the top 5 episodes of 2025. At #4, it's Alex Sacerdote from Whale Rock Capital. Alex is a passionate TMT investor who describes how he finds companies ascending their S-curve of adoption. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Matthew Dicks is a bestselling author, award-winning storyteller, and consultant on storytelling to Fortune 500 companies, including four of the Mag 7, and nonprofits, including Yale, Harvard, and the FBI. His bestselling books, Storyworthy and its business companion, Story Sells, are my favorite books on storytelling. Matt spent a decade as a manager at McDonalds, twenty years as a wedding DJ, and will retire this year after 27 years as a middle school teacher. He's written six fiction and three non-fiction books in total and won a record 62 MOTH StorySLAM competitions and nine GrandSLAM championships. Our conversation starts where it should – with Matt telling a story. We then go through his process of finding great stories, constructing the beginning, end, and path along the way, enhancing elements, and giving presentations. Matt has gifts for both storytelling and teaching, and that combination offers incredible lessons to apply storytelling in our work. After his retirement in June, Matt will be more available to help others tell impactful stories. You can find him at matthewdicks.com or storyworthy.com. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)