Tim Recker
person on 1 show · 17 statements across 1 episodes
On the record as a speaker too: Tim Recker across every show, appearances and statements → this page counts the times other people say the name.
17 statements about Tim Recker, every show
Recker: Knock-On Crisis Contagion Can Damage High-Quality Liquid Asset Prices
“I'm very worried about the knock-on effects on things where, just like we felt in the last crisis, where just because something was a high-quality asset that was liquid, the price was more damaged than we anticipated. That could affect some of our assumptions.”
Recker: Irvine Foundation sold lowest-expected-value privates after overallocation
“Because when I came in, we were over allocated on privates, and we ended up selling our lowest performing, on a future expected value, our lowest performing privates.”
Allocators Retaining Underperforming Managers Should Double Down Rather Than Maintain
“My view is, is if you're going to stay in, you don't just stay in, you double down. So if you've done the work and you've Agree to stay in and they're underperforming, then you got to add more money, because that means you have the conviction.”
Recker: Allocators usually regret not firing managers they question
“My experience has been, if you're deeply questioning it more times than not, you regret not pulling the trigger, but the difficulty is knowing when to step in.”
UC Regents Co-Investments Generated Roughly 35% Net Returns Under Tim Recker
“We generated almost, call it, 35% net returns plus minus, depending on whether you're using IR or time-weighted returns.”
Recker: Generalist investment team models suffer from poor accountability
“Cause I think that's the issue with the journalist models accountability.”
Recker: Irvine uses a 'majors and minors' model for team diligence
“I call it majors and minors. Each of my three directors take on a risk category between publics, privates, and hedge funds, and that's their domain background, but they, all decisions are made across the entire team. All diligence for a new manager is actually…”
Recker: Irvine foundation runs a top-heavy team of veteran directors
“So I believe in running top heavy teams. So we have three investment directors, all that have 20 plus years experience, and then we have two pre-MBA associates.”
Recker: Time window to capture market dislocation opportunities is shrinking
“I believe during financial crises or sort of period of dislocation, those opportunities exist, and they're outsized opportunities, but the speed at which you have to act to take advantage of them is important, and that time to react is shrinking, and it's been…”
Recker: Allocators Cannot Generate Alpha Holding 100 Managers
“You can't generate alpha with a hundred managers.”
Twenty-Five Managers Compose 80% of James Irvine Foundation's Total Assets
“And so, 25 managers make up 80% of the assets across all asset classes.”
Recker: UC Regents allocated 30% to 40% of capital and time to co-investments
“I would say it's at least 30 to 40% of the time was allocated to co-investments, which was aligned with how much capital was allocated to co-investments.”
UC Regents Required Buyouts to Offer Co-Investments or Hit 2.5x Net
“So we actually told our managers, if you cannot generate co-investment, there's not a role in the portfolio for you, unless you can, for buyout funds, unless you can generate a two and a half net fund returned to us. And so that's a pretty high bar. We general…”
Recker: Investment diligence should focus on disproving hypotheses rather than confirming them
“You really have to build your own hypothesis, and you have to push your diligence, and you have to constantly try to prove it wrong, and I think a lot of people try to basically prove themselves right, and I think we do the opposite.”
LPs Often Analyze Deals Better Than GPs Due to Cross-Firm Perspective
“What we found through that experience, and through just the engagement that we had with managers, generally speaking, we actually were bright more than the managers were in terms of our analysis. And I don't think it's a function that we were smarter or better…”
Recker: LPs must evaluate underlying companies rather than putting managers on pedestals
“She really taught me to not to look Managers in terms of just their own track records, et cetera, but to really look at the underlying companies and that really form your own opinion and be sort of intellectually independent of the managers and don't view them…”
Recker: GE Capital's $5B insurance portfolio used fewer than 15 managers
“So it was a five billion dollar insurance portfolio, property and casualty portfolio, and it was just the CIO and myself running five billion dollars. And for context, we only had 15 managers. I think, I can't remember the exact number, but less than 15 manage…”