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Daniel Adamson

Co-Founder and Co-CEO, Collective Global · 1 appearance on the record.

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investorexecutivefounderauthorhostcollectiveglobal.com ↗

Daniel Adamson co-founded Collective Global, an investment firm taking GP stakes in venture capital managers. He previously served as Senior Managing Director at Wafra and founding President of Capital Constellation, and co-authored The Blue Way: How to Profit by Investing in a Better World.

15statements → 4claims → 2claims resolved → 3.87/5average certainty → 1.93/5average debate potential → ≈4.0/5argument clarity, estimated → 6said about them ↓

0 supported 2 partly supported 0 contradicted 1 not yet assessed 1 not checkable as stated how the 4 claims stand · each chip opens the sources

4 assertions · 8 insights · 3 disclosures · every statement was checked. The predictions and assertions are the 4 claims: statements the public record can support or contradict. 2 are resolved, 1 is not yet assessed, and 1 names no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Daniel argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
100% certainty 3
50% certainty 4
none yet certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of Daniel Adamson on measured tape to publish a rate. This says nothing about how they speak.

Everything Daniel Adamson said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →

Insight
Adamson: Greatest financial market innovations stem from structural, not technological, changes
“And I think a lot of the greatest innovations in Financial markets have come not through technology changes, but through structural changes.”
Daniel Adamson May 4, 2020 ▶ 20:35 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Assertion Partly supported
Adamson: Asset management firms hold $15 trillion in total enterprise value
“There's 15 trillion dollars of enterprise value held in asset management firms. Compare that to the hundred trillion of AUM held institutionally, and you realize this is a massive migration of value from institutions to the managers that serve them.”
Daniel Adamson May 4, 2020 ▶ 30:06 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Insight
Adamson: Rigid distinctions between LPs and GPs are structurally false
“I am contrarian and thinking about structure. I don't accept the false distinctions like LP and GP, for example, as somehow set in stone.”
Daniel Adamson May 4, 2020 ▶ 1:05:23 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Insight
Adamson: Great professional relationships start without rigid, predefined roles
“I think folks thought this is somebody we'd like to work with and let's see what happens, which incidentally I think is the way a lot of great professional relationships begin rather than filling a particular box.”
Daniel Adamson May 4, 2020 ▶ 13:34 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Insight
Adamson: Finance lacks the collaborative virtual platforms seen in the tech industry
“What we've seen in other industries and Airbnb is a great example of this, but there are many, many others is entrepreneurs working together through a kind of virtual company. Through tech, through governance enables animal spirits to flourish and creates a ki…”
Daniel Adamson May 4, 2020 ▶ 19:04 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Disclosure
Adamson: Constellation launched with 100% asset owner equity and milestone-based vesting
“We started with asset owners on a hundred percent and management can vest in if certain milestones are reached over a very long period of time to something that will be meaningful to them and keep them part of the fold.”
Daniel Adamson May 4, 2020 ▶ 32:09 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Disclosure
Adamson: Constellation caps asset owner membership at 12 to avoid scale diseconomies
“I think the ultimate goal would be to have, let's say, 10 to 12 asset owners be part of this. Beyond that, I think we start to get diseconomies of scale, and it's harder to share information.”
Daniel Adamson May 4, 2020 ▶ 33:14 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Insight
Adamson: GPs with $3B AUM still seek catalytic sovereign wealth backing
“First, we've noticed that slightly more mature GPs that might have two or three billion in AUM are still interested in this value proposition because if they can get a catalytic investment from their ideal client base, which is large pensions and sovereigns gl…”
Daniel Adamson May 4, 2020 ▶ 39:45 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Insight
Adamson: PE seeding is a niche strategy that cannot deploy billions annually
“Seeding, let's be honest, is a fairly niche business. We will never be deploying tens of billions of dollars in this way, at least not in a year.”
Daniel Adamson May 4, 2020 ▶ 40:13 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Insight
Adamson: Asset owners struggle with rapid two-week PE co-investment timelines
“It's famous that asset owners have eyes that are bigger than their stomachs when it comes to co-invest. They just can't move at the pace that these deals move and get things done in two weeks.”
Daniel Adamson May 4, 2020 ▶ 53:50 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Assertion Not publicly verifiable
Adamson: MIT study shows early private equity fund vintages tend to outperform
“We did a study with MIT last year that argues that those vintages tend to outperform.”
Daniel Adamson May 4, 2020 ▶ 57:04 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Assertion Partly supported
Adamson: Constellation's five institutional partners manage $1 trillion in combined AUM
“We have a trillion dollars of AUM amongst our partner institutions, and that's just today with the five that we have.”
Daniel Adamson May 4, 2020 ▶ 27:05 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Disclosure
Adamson: Constellation is equally owned by Alaska, Railpen, and Kuwait's PIFIS
“Constellation should be owned in equal parts by Alaska, Railpen, and PIFIS in Kuwait. And it's as simple as that. It's owned 33% by each group. We then structured it in such a way that other investors, such as the Swedish and the Kuwait Investment Authority, w…”
Daniel Adamson May 4, 2020 ▶ 28:50 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Assertion Not checkable as stated
Adamson: Constellation's institutional backers project positive cash flows through 2060
“Asset owner base has a generational timeframe. Most of them are cashflow positive through 20, 60, 20, 70.”
Daniel Adamson May 4, 2020 ▶ 46:58 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Insight
Adamson: Investors overfocus on deal-picking to avoid uncomfortable reliance on partners
“People tend to think, well, I want to pick the best stock, or I want to pick the best deal as against thinking, who should I partner with? Because the latter question implies that you're trusting and relying on somebody else in a way that People are often not …”
Daniel Adamson May 4, 2020 ▶ 1:03:10 Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)

The other half of the tape: Daniel Adamson's own voice is left out of every number here. Other people bring the name up 6 times in 3 episodes on Capital Allocators. every mention, with the transcript →

Who brings them up most Ted Seides 6

Every mention by year

tap a year for its mentions
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0232021episodes it came up in
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2021 6 mentions in 3 episodes 2 per episode

Appearances (1)

EpisodeDateSpeaking time
Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136) May 4, 2020 49m
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