Capital Allocators Monthly Newsletter - October 2023

The best revenge is to not be like that.
Marcus Aurelius

What Ted's Thinking

NAV Loans: Canary or the Gold Mine? NAV loans are the latest development in private equity. Private credit managers see NAV loans as gold mines. Private equity managers are testing the waters. LPs whose capital is at risk are on the lookout for trouble. I’ve been thinking about NAV loans and what they might mean for private equity participants


Capital Allocators University. Our 5th cohort takes place on February 22nd, 2024 in NYC. Allocators can join our waitlist.

Join Waitlist

iConnections Shoutout. Kaitlin Malin, iConnections' star COO, is one of the 50 Leading Women in Hedge Funds for 2023. Kaitlin and iConnections are invaluable partners to our Summits.

Read Announcement

Hot Jobs to Share

CFO/COO at Emerging Manager. The Brydon Group, a DC-based private equity firm, is seeking a CFO/COO.

View Posting

Analyst at WCM. Our friends at WCM are looking for analysts for their Global Growth team who are passionate about studying great businesses, building an investment process that can stand the test of time, and improving the lives of those around them. The team focuses on culture and growing competitive advantages in its investments, and gratitude, service, and fun internally.

Email for More Information

Daniels Fund - Investments Manager, Investments Analyst. The $1.6 bn Daniels Fund is a charitable foundation that supports grants and scholarships in Colorado, Utah, Wyoming, and New Mexico.

View Investments Analyst Posting

View Investments Manager Posting


1. Byron Wien's Life Lessons. In memory of a humble, brilliant legend, who leaves us after a full life of inquiry and insight.

Byron Wien's Life Lessons

2. Endowment Expectations.  As the annual horse race commences, Harvard Magazine analyzes some early reported results.

Read Harvard Magazine Article

3. Spotlight on Hedge Funds.  Marc Rubinstein discusses 'Peak Pod,' the FT offers an example with talks of a deal between Millenium and Schoenfeld, and Neckar Value shares lessons from Renaissance's Peter Brown.

Read Talks Between Millennium/Schoenfeld

Read Neckar Article

Read 'Peak Pod'

4. The Case Against Indexing. Andy Redleaf, past guest and founder of Whitebox Advisors and X-Cubed, describes his preference for credit over equities with eye-opening data about the drivers of index returns.

Read 'FOMO All the Way Down'

5. Rick Buhrnam and Paul Buser on ILTB. Former Notre Dame endowment veterans and founders of permanent capital holding company Sator Grove describe lessons from great money managers and investments rooted in love.

Listen to Episode

BONUS: A Slight Change in Plans - The Thai Cave Rescue.  Maya Shankar appeared on Annie Duke's Decision Education podcast, which led to my searching for this incredible story with Dr. Richard Harris on hers.

Listen to A Slight Change of Plans

Listen to Decision Education


Capital Allocators Episodes

EP.341 Dmitry Balyasny - Founder, Managing Partner, and CIO at Balyasny Asset Management, Dmitry discusses the firm's multi-strategy platform.

Go to Episode

EP.342 Sonya Sawtell-Rickson - CIO of HESTA, Sonya offers a look at Australia's Total Portfolio Approach.

Go to Episode

EP.344 Isaac Corre - Founder, CEO, and Portfolio Manager of Governors Lane, Isaac discusses event-driven investing.

Go to Episode

EP.345 Raelan Lambert, John Jackson, & Erik Sebusch - This panel from Mercer alternatives gives an inside look into the firm.

Go to Episode
Private Equity Dals Episodes

S.03, EP.03 Milk Specialties Global - Founder and CEO of American Securities, Michael Fisch discusses the acquisition of Milk Specialties Global.

Go to Episode

S.03, EP.04 Univista - Co-Founder and Managing Partner at Avance Investment Management, David Perez discusses the purchase of the niche insurer.

Go to Episode
Investment Management Operations Episodes

EP.10 Gordon Barnes - EVP and Head of the Portfolio Group on the Bain Capital Strategies Team, Gordon discusses esoteric assets.

Go to Episode

EP.11 Maarika Paul - CFO & COO at CDPQ, Maarika discusses what sets the firm apart.

Go to Episode
Sponsored Insights Episodes

EP.343 Finny Kuruvilla - Co-CIO, founding member, and healthcare Portfolio Manager at Eventide, Finny discusses value-based investing.

Go to Episode

EP.346 Timothy Lyne - CEO of Antares Capital, Timothy discusses three decades of private credit at the firm.

Go to Episode

Word from our Sponsors

Janus Henderson Investors. PM Oliver Blackbourn gives insight into how markets have responded to the Israel/Palestine conflict.

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Intelligo. How this LP uncovered murder at a well-established PE fund.

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DealCloud. Successful venture capital investors seek tools that support their needs at each stage of a VC deal.

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