Multi-Asset
Allocator
E&F
Ana Marshall is the CIO for The William and Flora Hewlett Foundation, where she oversees a $13 billion pool of capital. Ana joined Hewlett eighteen years ago after spending the same amount of time as a direct investor. She was a past guest in 2019 describing her approach, and that conversation is replayed in the feed.
We caught up to discuss what is on Ana's mind going into the new year. We cover inflation, private equity secondaries, liquidity management, China, emerging markets, and ESG. We close discussing where Ana is looking around corners, what's filling her basket of worries, and her plan for the next five years.
Show Notes
3:38 Macro environment
7:24 A new generation of managers
8:51 Allocations to private markets
12:58 Risks in secondary sales
16:50 Lead time of a secondary
17:44 Liquidity in a multi-manager portfolio
19:20 Steady state allocation to cash
20:25 Opportunities in the future
22:12 China and other emerging markets
30:29 ESG’s path forward
36:46 Seeing around corners
39:53 Common conversations with managers
42:35 A five-year plan
44:04 Closing questions
