Capital Allocators – Inside the Institutional Investment Industry

Kipp deVeer is the Co-President of Ares Management, a leading global public alternative investment firm that manages $500 billion across credit, private equity, real assets, and infrastructure. Kipp came on the show last year to share the Ares story, and that conversation is replayed in the feed.   Our conversation covers Ares’ credit-centric approach to serving the wealth channel. We discuss Ares’ dedicated focus and expansion in private wealth alongside a strategic acquisition five years ago, the resources and strategies Ares has developed since, the firm’s approach to scaling distribution, servicing financial advisors, navigating procyclical capital flows in credit, and maintaining underwriting discipline amidst rapid growth. We discuss the challenges of building brand recognition in the channel and opportunities ahead in wealth for real assets and infrastructure investments, and in Europe and Asia.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Kipp deVeer is a Director and Partner of Ares Management, the $30 billon market cap public company (ARES) that manages $360 billion in assets, including $250 billion in credit. Kipp joined Ares twenty years ago and serves as the Head of Ares Credit Group, CEO of the public BDC Ares Capital Corporation (ARCC), and a member of the Executive Management Committee. Our conversation covers Kipp’s path to Ares, the business and credit markets twenty years ago, and the exponential growth of Ares since. We turn to the firm’s research process across origination and sourcing, underwriting, investment targets, and portfolio construction. We then discuss Kipp’s perspective on the credit environment, opportunities, and risks and close with a look at the future of Ares. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Jon Madorsky is Managing Partner and Co-Portfolio manager of the secondaries strategy at RCP Advisors, one of the largest managers focused exclusively on North American lower middle market buyouts. Jon joined the firm 21 years ago and has participated in the growth of the secondaries business from its earliest stages. His partner, Alex Abell, joined me on the show last year and that conversation is replayed in the feed.   Our conversation covers the history and maturation of the secondaries market from a red-headed stepchild to a modern portfolio tool. We discuss the use cases, transaction types, and capital sources in secondaries, RCP’s investment strategy, levers of value creation, portfolio construction, and exit strategy. Jon also shares his perspective on secondary market pricing, growth, risks, and the future of the industry. If you'd like to learn more, reach out to Jon directly at [email protected].  Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Alex Abell is a Managing Partner at RCP Advisors, which at $14 billion of committed capital, is one of the largest firms focused exclusively on lower-middle market buyouts. Alex has spent twenty-three years in the business, starting on the LP side, building Atlas Diligence – a research and advisory platform focused on advanced analytics, and then merging Atlas with RCP a decade ago. Today, he helps manage RCP’s research efforts, its customized solutions, and advisory services. Our conversation covers Alex’s path and lessons learned investing in lower middle market buyout funds across assessing managers with data, benchmarking, blending quantitative and qualitative factors, and applying insights to primary and secondary investing. Alex and I just scratch the surface on what’s possible with analytics in the private markets. If you’d like to learn more, reach out to Alex directly at [email protected] Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Kristin Kallergis Rowland is the Global Head of Alternative Investments for J.P. Morgan Wealth Management, where she oversees $180 billion of alternative investments within the $500 billion managed in J.P. Morgan’s $3 trillion private bank. The Private Bank’s investment approach resembles that of many institutions, with centralized research, manager selection, and portfolio construction that its financial advisors use in client portfolios. KK has spent her entire career in private wealth at J.P. Morgan, spanning investment functions and global geographies.   Our conversation describes J.P. Morgan’s centralized approach to alternative investing for its clients. We cover KK’s journey through J.P. Morgan and the evolution of alternatives within the firm. We discuss the allocation strategies for private equity, private credit, real assets, venture capital, and hedge funds, insights from J.P. Morgan’s Family Office Report, and the importance of portfolio construction tailored to diverse client needs. KK also shares her thoughts on the democratization of access to private markets, innovations in evergreen fund structures, and the challenges of scaling investment solutions across a global client base.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

In offering a rare take on the current market, I come back to one of my investment truths: the hardest day to invest is always today. Allocators can register for our next cohort of Capital Allocators University here, July 7th in New York City. Read Ted’s blog here.

Eric Mogelof is the head of Global Client Solutions at KKR, one of the world’s leading alternative asset firms with roots in private equity dating back to 1976. KKR currently manages $640 billion in assets, across approximately $250 billion in credit, $200 billion in private equity, and $160 billion in real assets. The firm’s objective in private wealth is to deliver the same strategies, performance, and quality of experience to individuals as it does institutions.   Our conversation shares how a longstanding brand in private equity has adapted to serve the wealth channel in the last five years. We trace Eric’s path to KKR after a long run leading private wealth at PIMCO, the growing demand for alternatives among individual investors, innovation behind evergreen structures and interval funds, and importance of brand, customized products, and advisor education.   Eric shares how KKR is investing in marketing, digital engagement, and on-the-ground sales to reach advisors globally, and the firm’s partnership with Capital Group to expand access for non-accredited investors. We also cover the competitive landscape and the opportunities and challenges of making alternatives more accessible to a broader range of investors.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

James Clarke is the Global Head of Institutional Capital at Blue Owl, a leading public alternative asset manager with $270 billion in assets under management. James joined Doug Ostrover and Mark Lipschultz shortly after the firm’s launch and has been instrumental in its explosive growth over the last eight years. Doug was a past guest on the show, and that conversation is replayed in the feed. Our conversation covers James’ path to asset management, lessons he learned over a decade at PIMCO, equally powerful lessons from his subsequent, if less successful, stops, and the application of those lessons at Blue Owl. We discuss product knowledge, relationship development, balancing capital raising needs with long-term partnerships, the evolution of the institutional and wealth channels, the importance of transparency, and the benefits and challenges of scale. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Doug Ostrover is the Co-Founder and CEO of Blue Owl Capital, a public company borne out of a merger combining Owl Rock Capital and Dyal Capital. Doug is also the CEO and Co-CIO of Owl Rock Capital Partners, a direct lender to middle-market companies that he co-founded in 2016 and today manages $30 billion in permanent capital assets. The combined Blue Owl manages approximately $53 billion in assets, over 90% of which is in permanent capital vehicles. Previously, Doug was one of the founders, and the O, in GSO Capital Partners, which today is Blackstone’s alternative credit platform. He has been involved in leveraged finance working with private equity sponsors for thirty years.   Our conversation covers Doug’s beginnings in leverage financed, the founding of GSO, and keys to his early success. We then turn to the importance of culture, sourcing investment opportunities, the underwriting process, and working with both GPs and LPs. We close with Doug’s perspective on the recent formation of Blue Owl and what the future holds for direct lending.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

John Mathews is the Head of Private Wealth Management in the Americas for UBS. UBS is the world’s largest global wealth manager with $6 trillion in assets, of which $2 trillion are in the Americas. Private Wealth Management is comprised of roughly 230 teams and 661 financial advisors. Our conversation explores how the largest wirehouse empowers its financial advisors to act as entrepreneurs to bring tailored investment solutions to their clients. We cover the scale and scope of the UBS private wealth platform, the need for personalization, specialization, and customization, the bank’s centralized investment strategy and decentralized implementation, its curated alternatives platform, and the evolving landscape for financial advisors. Here's the Head of Content job posting.  Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership