Capital Allocators Monthly Newsletter - April 2025
- Peter Bernstein
1. Private Equity Investing in 2030. The old playbook for gaining exposure to private equity has faltered since 2021. Rethinking first principles will lead to a better path going forward.
2. What it Takes to Raise Capital. Some practical advice – and a few hard truths – for small managers looking to break through in today’s challenging landscape.
CAU for Allocators. Our allocator-only cohort will still take place on July 7th. Likely our last in-person!
Learn MoreCapital Allocators Premium Membership Promo. We are offering a special, first-year membership discount which ends on May 11th!
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Jain Global. Bobby Jain’s multi-strategy hedge fund is looking for an analyst with allocator or multi-manager BD experience to source, vet, and hire investment talent in long/short equity strategies.
CAIA Association. CAIA Association is a global professional body of 14K members in more than 100 countries that aims to build the most energized community of investment professionals around the globe. It has commenced a search for a a Managing Director of the Americas to join the global leadership team. The highly impactful role will have full executive responsibility for overseeing and scaling CAIA’s largest geographic region, including Canada, the U.S. and Latin America. Join the organization building the most energized community of investment professionals around the globe.
1. The Last Decision of Daniel Kahneman. Jason Zweig beautifully describes the behavioral and moral questions surrounding Danny Kahneman’s decision to end his life at age 90.
2. Market Reactions. Amidst the uncertainty following Liberation Day, Howard Marks wrote Nobody Knows (Yet Again) and Owen Lamont wondered whether taking action would Buy-the-Dip or Buy-the-Bottomless-Pit?
3. Manager Unwinds and Reloads. As the basis trade unwind created bond market turmoil, GMO’s 7-year forecast (from March 31) indicates opportunities.
4. Allocator Unwinds and Reloads. Yale is reported to be selling $6B in a secondary of its private portfolio and Harvard is reported to be offering $1B of its privates. Might this be a bellwether moment indicating peak private allocations for institutions?
BONUS: Dry Powder Podcast, Technology for LPs. Erik Hirsch from Hamilton Lane discusses new technology applications for private market LPs on Bain & Co.’s Dry Powder.
EP. 439 Howard Marks – Co-founder and co-chairman of Oaktree Capital Management, Howard shares his timeless wisdom on navigating private credit.
EP. 440 James Aitken, Louis-Vincent Gave & Marko Papic – Macro and geopolitical strategists James, Marko, and Louis discuss the implications of Liberation Day.
EP. 441 Ben Forman – Founder and Managing Partner of ParaFi Capital, Ben discusses unlocking blockchain’s potential.
EP. 442 Rodrigo Bitar – Partner at 3B1 Partners, Rodrigo discusses the macro landscape and opportunities in Latin America.
EP. 49 Scott Farden – COO of Nonantum Capital Partners, Scott shares insight about launching a private equity fund.
EP. 50 Melissa Dickerson—The managing Director of Operations and CFO at Genstar Capital, Melissa shares insight about culture and technology adoption.
Take a glimpse into WCM’s unique perspective on culture.
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The credit market moves at a relentless pace. For the most up-to-the-minute intel and data, turn to Octus to confidently connect the dots and accelerate critical decisions. From deal origination and primary issuance, to performing, stressed and distressed credit, Octus helps you see inside credit.