Letti de Little is the Chief Compliance Officer for Grain Management, a private equity firm that invests in telecom, infrastructure, and wireless spectrum assets.

Today’s LP is focused on finding uncorrelated assets more than ever.  But doing so often requires an understanding of the operational nuances which are different from buying traditional, tradable securities.  I spent some time with Letti to unpack some of the common legal and operational elements for investing in this asset class.

We cover how wireless spectrum auctions work and how Grain manages the dual regulatory oversight of the Securities and Exchange Commission and the Federal Communications Commission.  We also talk about what ODD practitioners should know about with this lesser-known strategy.