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Jan 6, 2025 · 29m · capital-allocators

Ron Biscardi and Katie O'Reilly - Maximizing Value at Conferences (EP.425)

Ron Biscardi · 10m spoken Ted Seides · 8m spoken Katie O'Reilly · 6m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this episode of Capital Allocators, host Ted Seides and moderator Hank host an expert panel featuring iConnections CEO Ron Biscardi and ProSec's Katie O'Reilly on how investment managers can maximize value across the global conference circuit. The discussion outlines tactical frameworks for event evaluation, advance meeting preparation, long-term limited partner relationship cultivation, and managing internal expectations amid evolving market cycles.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Ted holds 35.4% of the talking time here. How this is scored →

Ted as informed peer 2.7 Guest teaching 4.3 Guest disagreement 0.4 Ted pushing back 0.1
05100:0010:0020:004:25–7:13 · Ted as informed peer 0/10 Navigating Conference Season: Episode Framing Introductory monologue segment where Ted Seides frames the conference season theme and shares an internal hiring announcement for Capital Allocators. No guest interaction or debate occurs.7:15–10:40 · Ted as informed peer 3/10 Evaluating Conferences: Frameworks and Four Key Criteria The host sets up the panel and invites Katie O'Reilly to break down conference evaluation frameworks. Katie provides an educational overview of ProSec's four-pillar criteria for asset managers.10:41–14:44 · Ted as informed peer 3/10 Fund Size Considerations and the Importance of Advance Preparation The host asks targeted questions about how fund size dictates event strategy. Katie and Ron explain how proactive advance planning and brand building matter far more than pure AUM scale.14:46–18:56 · Ted as informed peer 3/10 Winning LP Attention Through Authentic Relationship Building The host inquires about the primary attendee question of capturing LP attention. Ron and Katie provide practical insight on treating cap intro as a long-cycle relationship rather than a transactional pitch.18:57–21:28 · Ted as informed peer 4/10 Setting Expectations with Firm Leadership and Navigating Market Cycles The host poses a realistic challenge regarding internal CIO expectations for immediate ROI versus soft networking. Katie and Ron candidly explain how to educate leadership and manage market cycle realities.21:29–26:21 · Ted as informed peer 3/10 Analyzing Allocation Trends: The iConnections Punching Score Ron educates the audience on the iConnections punching score metric to track strategy demand. Ron also pushes against prevailing industry hype regarding Middle East fundraising and retail capital.26:22–28:33 · Ted as informed peer 3/10 Actionable Final Advice: Clear Planning and Peer Partnerships The host prompts both guests for their final tactical takeaways. Katie highlights rigorous planning and Ron details the strategic advantage of forming non-competing peer alliances at events.4:25–7:13 · Guest teaching 0/10 Navigating Conference Season: Episode Framing Introductory monologue segment where Ted Seides frames the conference season theme and shares an internal hiring announcement for Capital Allocators. No guest interaction or debate occurs.7:15–10:40 · Guest teaching 5/10 Evaluating Conferences: Frameworks and Four Key Criteria The host sets up the panel and invites Katie O'Reilly to break down conference evaluation frameworks. Katie provides an educational overview of ProSec's four-pillar criteria for asset managers.10:41–14:44 · Guest teaching 5/10 Fund Size Considerations and the Importance of Advance Preparation The host asks targeted questions about how fund size dictates event strategy. Katie and Ron explain how proactive advance planning and brand building matter far more than pure AUM scale.14:46–18:56 · Guest teaching 5/10 Winning LP Attention Through Authentic Relationship Building The host inquires about the primary attendee question of capturing LP attention. Ron and Katie provide practical insight on treating cap intro as a long-cycle relationship rather than a transactional pitch.18:57–21:28 · Guest teaching 5/10 Setting Expectations with Firm Leadership and Navigating Market Cycles The host poses a realistic challenge regarding internal CIO expectations for immediate ROI versus soft networking. Katie and Ron candidly explain how to educate leadership and manage market cycle realities.21:29–26:21 · Guest teaching 6/10 Analyzing Allocation Trends: The iConnections Punching Score Ron educates the audience on the iConnections punching score metric to track strategy demand. Ron also pushes against prevailing industry hype regarding Middle East fundraising and retail capital.26:22–28:33 · Guest teaching 4/10 Actionable Final Advice: Clear Planning and Peer Partnerships The host prompts both guests for their final tactical takeaways. Katie highlights rigorous planning and Ron details the strategic advantage of forming non-competing peer alliances at events.4:25–7:13 · Guest disagreement 0/10 Navigating Conference Season: Episode Framing Introductory monologue segment where Ted Seides frames the conference season theme and shares an internal hiring announcement for Capital Allocators. No guest interaction or debate occurs.7:15–10:40 · Guest disagreement 0/10 Evaluating Conferences: Frameworks and Four Key Criteria The host sets up the panel and invites Katie O'Reilly to break down conference evaluation frameworks. Katie provides an educational overview of ProSec's four-pillar criteria for asset managers.10:41–14:44 · Guest disagreement 0/10 Fund Size Considerations and the Importance of Advance Preparation The host asks targeted questions about how fund size dictates event strategy. Katie and Ron explain how proactive advance planning and brand building matter far more than pure AUM scale.14:46–18:56 · Guest disagreement 0/10 Winning LP Attention Through Authentic Relationship Building The host inquires about the primary attendee question of capturing LP attention. Ron and Katie provide practical insight on treating cap intro as a long-cycle relationship rather than a transactional pitch.18:57–21:28 · Guest disagreement 1/10 Setting Expectations with Firm Leadership and Navigating Market Cycles The host poses a realistic challenge regarding internal CIO expectations for immediate ROI versus soft networking. Katie and Ron candidly explain how to educate leadership and manage market cycle realities.21:29–26:21 · Guest disagreement 2/10 Analyzing Allocation Trends: The iConnections Punching Score Ron educates the audience on the iConnections punching score metric to track strategy demand. Ron also pushes against prevailing industry hype regarding Middle East fundraising and retail capital.26:22–28:33 · Guest disagreement 0/10 Actionable Final Advice: Clear Planning and Peer Partnerships The host prompts both guests for their final tactical takeaways. Katie highlights rigorous planning and Ron details the strategic advantage of forming non-competing peer alliances at events.4:25–7:13 · Ted pushing back 0/10 Navigating Conference Season: Episode Framing Introductory monologue segment where Ted Seides frames the conference season theme and shares an internal hiring announcement for Capital Allocators. No guest interaction or debate occurs.7:15–10:40 · Ted pushing back 0/10 Evaluating Conferences: Frameworks and Four Key Criteria The host sets up the panel and invites Katie O'Reilly to break down conference evaluation frameworks. Katie provides an educational overview of ProSec's four-pillar criteria for asset managers.10:41–14:44 · Ted pushing back 0/10 Fund Size Considerations and the Importance of Advance Preparation The host asks targeted questions about how fund size dictates event strategy. Katie and Ron explain how proactive advance planning and brand building matter far more than pure AUM scale.14:46–18:56 · Ted pushing back 0/10 Winning LP Attention Through Authentic Relationship Building The host inquires about the primary attendee question of capturing LP attention. Ron and Katie provide practical insight on treating cap intro as a long-cycle relationship rather than a transactional pitch.18:57–21:28 · Ted pushing back 1/10 Setting Expectations with Firm Leadership and Navigating Market Cycles The host poses a realistic challenge regarding internal CIO expectations for immediate ROI versus soft networking. Katie and Ron candidly explain how to educate leadership and manage market cycle realities.21:29–26:21 · Ted pushing back 0/10 Analyzing Allocation Trends: The iConnections Punching Score Ron educates the audience on the iConnections punching score metric to track strategy demand. Ron also pushes against prevailing industry hype regarding Middle East fundraising and retail capital.26:22–28:33 · Ted pushing back 0/10 Actionable Final Advice: Clear Planning and Peer Partnerships The host prompts both guests for their final tactical takeaways. Katie highlights rigorous planning and Ron details the strategic advantage of forming non-competing peer alliances at events.

speaking balance: gold is Ted, purple is the guest (3 minute bins)

0:00 · Ted 100% · guest 0%0:00 · Ted 100% · guest 0%3:00 · Ted 89.9% · guest 10.1%3:00 · Ted 89.9% · guest 10.1%6:00 · Ted 77.4% · guest 22.6%6:00 · Ted 77.4% · guest 22.6%9:00 · Ted 6.6% · guest 93.4%9:00 · Ted 6.6% · guest 93.4%12:00 · Ted 10.7% · guest 89.3%12:00 · Ted 10.7% · guest 89.3%15:00 · Ted 7.6% · guest 92.4%15:00 · Ted 7.6% · guest 92.4%18:00 · Ted 16.1% · guest 83.9%18:00 · Ted 16.1% · guest 83.9%21:00 · Ted 14% · guest 86%21:00 · Ted 14% · guest 86%24:00 · Ted 6.4% · guest 93.6%24:00 · Ted 6.4% · guest 93.6%27:00 · Ted 18.4% · guest 81.6%27:00 · Ted 18.4% · guest 81.6%
Sharpest disagreement ▶ 24:44 Ron challenges the Middle East fundraising gold rush narrative

Ron contrarianly pushes back on the conventional excitement around Middle East fundraising and retail flows, noting that mid-tier managers often travel without seeing meaningful conversions.

 Hardest push from Ted ▶ 18:57 Host pushes on leadership demanding immediate ticket results

The host challenges the guests' long-term relationship philosophy by pressing on the practical dilemma of facing demanding CIOs who expect immediate fundraising ROI from conference attendance.

 Biggest teaching moment ▶ 21:46 Ron explains the mechanics of the iConnections punching score

Ron introduces and details the proprietary 'punching score' quantitative methodology that measures manager meeting efficiency relative to overall strategy representation at major events.

 Ted holds their own ▶ 18:57 Host articulates the internal organizational pressures of fund IR

The host demonstrates sharp industry expertise by crystallizing the exact operational tension investor relations teams face when reporting back to quantitative or impatient portfolio managers.
the scores for every segment, with the reasoning behind each
ChapterTopicTed as informed peerGuest teachingGuest disagreementTed pushing backWhy
Navigating Conference Season: Episode Framing 0000 Introductory monologue segment where Ted Seides frames the conference season theme and shares an internal hiring announcement for Capital Allocators. No guest interaction or debate occurs.
Evaluating Conferences: Frameworks and Four Key Criteria 3500 The host sets up the panel and invites Katie O'Reilly to break down conference evaluation frameworks. Katie provides an educational overview of ProSec's four-pillar criteria for asset managers.
Fund Size Considerations and the Importance of Advance Preparation 3500 The host asks targeted questions about how fund size dictates event strategy. Katie and Ron explain how proactive advance planning and brand building matter far more than pure AUM scale.
Winning LP Attention Through Authentic Relationship Building 3500 The host inquires about the primary attendee question of capturing LP attention. Ron and Katie provide practical insight on treating cap intro as a long-cycle relationship rather than a transactional pitch.
Setting Expectations with Firm Leadership and Navigating Market Cycles 4511 The host poses a realistic challenge regarding internal CIO expectations for immediate ROI versus soft networking. Katie and Ron candidly explain how to educate leadership and manage market cycle realities.
Analyzing Allocation Trends: The iConnections Punching Score 3620 Ron educates the audience on the iConnections punching score metric to track strategy demand. Ron also pushes against prevailing industry hype regarding Middle East fundraising and retail capital.
Actionable Final Advice: Clear Planning and Peer Partnerships 3400 The host prompts both guests for their final tactical takeaways. Katie highlights rigorous planning and Ron details the strategic advantage of forming non-competing peer alliances at events.

Statements from this episode (14)

Disclosure
O'Reilly: ProSec Tracks 1,500 Global Conferences for Asset Managers
“We built a database of probably now 1500 conferences all over the world that we track according to four criteria for asset managers.”
Katie O'Reilly Jan 6, 2025 ▶ 9:12
Insight
O'Reilly: Only six global conferences meet all allocator value criteria
“Most conferences are not going to check all four boxes that I just talked about. That's probably half a dozen conferences in the world. You could be happy with getting two in one event.”
Katie O'Reilly Jan 6, 2025 ▶ 10:02
Insight
O'Reilly: Conference ROI requires long-term relationship building, not one-year expectations
“So it's not only about fund size. It's about what do you want to accomplish and how good are you or your founder, whoever's going at building relationships and looking at it over the longterm. They weren't going and then saying, Oh well, we didn't get any tick…”
Katie O'Reilly Jan 6, 2025 ▶ 11:38
Assertion Not checkable as stated
Biscardi: iConnections participants schedule over 15,000 meetings prior to events
“At our events, our scheduler opened two weeks ago for the LP side, just yesterday for the GP side. We have 1500 meetings scheduled already among those participants, and These people will spend the next six weeks scheduling another 15, 16,000 meetings.”
Ron Biscardi Jan 6, 2025 ▶ 12:39
Assertion Not checkable as stated
Biscardi: How ex-convict Daniel Dart built an outsized allocator network
“First of all, this guy went to jail. His conviction got overturned. He's got an amazing story, and he's now running a five million dollar venture fund. He is literally everywhere, and he works the events like no one I've ever seen, and he knows everyone. He is…”
Ron Biscardi Jan 6, 2025 ▶ 14:14
Insight
Biscardi: Institutional LP fundraising has one of the economy's longest sales cycles
“This is a super long sales cycle, possibly the longest sales cycle of anything in the economy.”
Ron Biscardi Jan 6, 2025 ▶ 15:25
Disclosure
O'Reilly: Prosek founder spends 50% of her time hosting salon dinners
“We built ProSec on the back of convening, and Jen, who's our founder, I would say spends 50% of her time just doing that. Organizing salon dinners, making sure we have interesting people coming to them, because that's how we get business.”
Katie O'Reilly Jan 6, 2025 ▶ 18:12
Insight
Biscardi: Pitching funds at conference dinners alienates institutional LPs
“You don't want to be the person at dinner pitching everyone your fund. If you want to turn off LPs, just do that.”
Ron Biscardi Jan 6, 2025 ▶ 21:11
Assertion Not checkable as stated
Biscardi: Global macro funds doubled expected allocator meetings in 2024
“Miami last year, so January of 24, Global Macro got basically twice the number of meetings that they were supposed to based on On the percentage of funds in the event”
Ron Biscardi Jan 6, 2025 ▶ 22:41
Prediction Not checkable as stated
Biscardi Predicts Private Equity Will Have a Better Year in 2025
“I think PE is going to have a better year in 25 than they've had certainly for the last two or three.”
Ron Biscardi Jan 6, 2025 ▶ 23:09
Disclosure
O'Reilly: Almost all fundraising clients are focused on the Middle East
“Almost all of our clients who are raising money are focused on the Middle East. And how to build relationships there. And we actually opened an office in Abu Dhabi partly to support that just because we have so many clients that care about it. We're doing the …”
Katie O'Reilly Jan 6, 2025 ▶ 24:29
Opinion
Biscardi: Mid-tier funds are struggling to raise capital in the Middle East
“The funds at the top of the game are still, I think, doing really well there, but they've been there for 20 years. KKR, Blackstone, Carlisle. The next tier down, if you're a twenty billion dollar fund, a fifty billion dollar fund, and you don't have the same b…”
Ron Biscardi Jan 6, 2025 ▶ 25:22
Insight
Biscardi: Mid-tier funds should avoid retail capital which buys mega-brands
“I think everyone is excited about getting retail flows. They're generally considered to be stickier in some ways, but I feel like, again, it's a category that tends to buy the biggest brands, and I wonder a firm that just doesn't have that same brand power, if…”
Ron Biscardi Jan 6, 2025 ▶ 25:52
Insight
Biscardi: Partnering with Non-Competing Funds Expands Conference Reach
“When I was on the fundraising side years ago, we would just partner up, we'd make friends with strategies or funds that were not competitive with what we were doing, and now you've expanded your reach dramatically.”
Ron Biscardi Jan 6, 2025 ▶ 27:20
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