Late-Stage Private Investing at Wellington

Michael Carmen

Private Equity

Venture capital

Sponsored Insight


Episode: 332
August 10, 2023

Episode Description:

This Sponsored Insight features Michael Carmen, the Co-Head of Private Investments at Wellington Management. Wellington’s Private Investment platform has $8 billion in committed capital investing across technology, consumer, health care, and financial services. Michael helped launch the firm’s first private equity fund in 2014, bringing Wellington’s broad scope to late-stage venture-backed companies. He previously invested in diversified small- and mid-cap public equities.

Our conversation covers Michael’s early career, path to Wellington, and pivot after a decade at Wellington from public markets to privates. We discuss his investment process across sourcing, diligence alongside Wellington’s public equity analysts, value proposition for portfolio companies, portfolio construction, and exits. We close with opportunities and risks for those with capital to put to work.

Show Notes

03:14 Early career
07:14 Path to Wellington
08:43 Pivot from public market investing to private
10:45 Investment philosophy
12:18 Sourcing
13:30 Diligence alongside public equity analysts
20:29 Portfolio construction
31:07 Supporting portfolio companies
32:30 Tech bubble lessons
36:46 Exits
40:14 Investment examples
42:41 Risks
44:21 Opportunities
47:44 Closing questions

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