Capital Allocators – Inside the Institutional Investment Industry
Business:Investing
Today’s show is the first in an ongoing mini-series discussing Breeding Grounds, organizations that have developed and spawned future industry leaders. We’ll cover both allocators and managers to see what we can learn about developing talent.
In the first episode of the mini-series, we discuss Carnegie Corporation of New York. Ellen Shuman became Carnegie’s first CIO in 1999 after working for David Swensen at Yale. Over her dozen year tenure and that of Meredith Jenkins and Kim Lew for the next dozen, and incredible 8 of the 17 investment professionals that walked in the door have become CIOs, and the rest appear either on their way or found their passion as leaders in complimentary roles or outside the industry. Those who became sitting CIOs are Meredith at Carnegie and Trinity Wall Street, Kim at Carnegie and Columbia, Jon Michael Consalvo at Carnegie, Alisa Mall at Michael Dell’s Family Office, Niles Bryant at Bowdoin College, Brooke Jones at Bryn Mawr College, Ken Lee at Children’s Healthcare, and Li Tan at Radian X. Carnegie is a lesser-known allocator training ground than Yale, but it’s produced half the number of future CIOs from fraction of the team size.
My guests to discuss how this happened are Ellen Shuman, Meredith Jenkins, Kim Lew, and Alisa Mall. We cover the chronology of their paths, and the Carnegie organization and investment process, including recruiting, culture, research, decision-making, and succession. Alongside the many applicable lessons they share, their palpable love and respect for each other is evident from the get go.
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SPECIAL ANNOUNCEMENT: CAU for IR/BD Professionals
Graham Weaver – People-Driven Private Equity at Alpine (EP.391)
Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390)
Anne-Marie Fink - Cutting Edge Pension Investing at SWIB (EP.389)
WTT: The Investment Manager Playbook - What Allocators Don't See
Alexis Ohanian – From Reddit to 776, a Technology Company that Deploys Venture Capital (EP.388)
Dan Tennebaum - The Case for India at India Capital (EP.387)
Brett Barakett - Digging for the Puck at Tremblant Capital (EP.386)
Cliff Asness - Simple Investing is Hard (EP.385)
Classic Deal - Burger King by 3G Capital (EP.384)
Alex Abell - Lower Middle Market Buyout Investing at RCP (EP.383)
Letitia Johnson - Concentrated and Long-Term at Amherst College (EP.382)
David Morehead – Top Down Allocation at Baylor (EP.381)
Chris Dixon - Empty Rooms: Web3 After the Fall (EP.380)
[REPLAY] Chris Dixon – Frameworks and Investing at Scale (EP.258, Crypto for Institutions 2, EP.05)
[REPLAY] Chris Dixon – The Future of Blockchain at a16z (Capital Allocators, EP.172)
Shiloh Bates – CLO Investing at Flat Rock Global (EP.379)
Nigel Dawn - Secondaries in Private Markets (EP.378)
WTT: The Investment Office Playbook - What Managers Don’t See
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