Capital Allocators Monthly Newsletter - June 2023

Happiness is an inside job.
Michael Lombardi, The Daily Coach

What Ted's Thinking

The Impermanence of Permanent Capital. The cliché "nothing lasts forever" ironically applies to so-called permanent capital. Quirks in the implementation of the seemingly pristine concept can cause challenges for both managers and allocators.


Registration for CAU4 is Open. Spots are filling up quickly! Allocators with 5-15 years of experience are eligible to join us in NYC on September 14th, 2023.

Learn More and Register

New Podcast: Investment Management Operations. Learn how the world’s most sophisticated investment institutions run their businesses. We’ll share conversations with key operating partners across operations, compliance, technology, finance, and other non-investment roles.

The first episode airs next week with host Scott MacDonald.

Subscribe on Apple Podcasts.

Subscribe on Spotify

We're #1 (Again). Feedspot named Capital Allocators the top podcast for institutional investors. Thank you!

See List

Hot Jobs to Share

Cook Children's Foundation, Investment Analyst. The Investment Analyst is an integral part of a small team investing Cook Children’s approximately $4 billion foundation with a focus on public equities, hedge funds, commodities, bonds, private equity, venture capital, natural resources, and real estate opportunities across the globe through active managers. This is a two-year program with a third year earned based upon strong performance based in Fort Worth, TX.

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1. Hedge funds: Marshall Wace Then and Now. Marshall Wace was an early adopter of 'quantamental' investing. The FT compared its prolonged success to one-time star manager Landsdowne Partners, and Bloomberg reported on how the firm is addressing the war for talent.

Read 'Hedge Fund Talent War'

Listen to Sir Paul Marshall on Capital Allocators

Read 'A Tale of Two Hedge Funds'

2. Private Equity: Challenges Rising. Kieran Goodwin, longtime hedge fund star, tweeted about the problematic math for middle market private equity deals when the cost of capital rises, referring to a piece from Bloomberg that cites examples.

Read Tweet and Article

3. What it Takes to Give a Great Presentation. The Harvard Business Review offers tips to improve public speaking.

Read HBR Article

4. Alice Handy, Another Legend Lost. Alice, the long-time CIO of UVIMCO and founder of Investure, passed away last week. I met Alice in 1993 at the first industry conference I ever attended. David Swensen told me she was the only one there who knew what she was doing, and that was my introduction to the wonderful person, investor, leader, and innovator.

Read about Alice

5. The Age of Average, Alex Murrell.  Across media, fashion, marketing, architecture, and transportation, our preferences and tastes around the world have converged.

Read Blog Post

BONUS: The Foodie Magician. We know magic is only applied psychology and sleight of hand, but what a great mentalist pulls off is nevertheless mind-boggling. Josh is a regular at the Capital Allocators Summits and blows us away every time.

Watch Video


Capital Allocators Episodes

EP.319 Adam Shapiro - Managing Partner of East Rock Capital, Adam discusses post-breeding grounds for rising stars and families.

Go to Episode

EP.321 Chris Sacca - One of the most accomplished investors of the last 50 years, Chris discusses hustling to save the planet at Lowercarbon.

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EP.322 Eric Resnick - Co-Founder and CEO of KSL Capital Partners, Eric discusses ski, golf, and vacation investing.

Go to Episode

EP.323 Matt Breitfelder - Partner at Apollo, Matt discusses optimizing investment performance through human capital.

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Private Equity Deals Episodes

S.2 EP.08 Breitling - Andreas Holzmueller and Luke Chapman from Partners Group, discuss the leading Swiss watchmaker.

Go to Episode
Sponsored Insights

EP.320 Jim Falbe - Saguaro - Jim discusses his newly-launched firm that blends traditional value investing with modern AI and data science inputs.

Go to Episode

EP.324 Don Mullen - Pretium - Don discusses the single-family rental market and scaling through technology.

Go to Episode

Word from our Sponsors

CRC 2023 Allocators Conference. Come see premier credit managers from Monarch, Mudrick Capital, Caspian, and Silver Point take a deep dive into the credit cycle, alpha opportunities, and best ideas at the CRC 2023 Allocators Conference on October 26 in New York City. Institutional allocators register for no charge.

Register Here

Bipsync. The depth and volume of information insights available to an investor can change significantly after making a commitment. On this post, explore how an enduring research management system can bridge this divide in private market investing.

Learn More
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