Marshall: Institutional allocators have an ethical duty to assist peer LPs
Ana Marshall · Ana Marshall – The Climb to Investment Excellence (EP.360) · Jan 8, 2024 · at 47:04
Ana Marshall, CIO of the William and Flora Hewlett Foundation, explains why institutional allocators should share intelligence and help peer institutions rather than viewing them solely as competitors.
0:00 / 0:36exact quote · 36.8s
720p mp4 · rendered on demand · StarZero watermark
“If you're going up and they've got a person stuck, even though you're trying to make it to the next turn around the mountain, it's your ethical responsibility to help them out, and I am 100% in that camp. We are here to manage money on behalf of institutions that make the world a better place, whether it's educational, hospitals, even if it's a family office, eventually they're going to give it to charity, most probably. Our job is to compound charitable wealth. Why wouldn't we help other people on the mountain be safe and do it right?”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Ana Marshall
Marshall: Public markets drive most institutional returns for the first seven years
“I would say at the early stages, having really strong public equity and hedge fund, Expertise is really important because that's where most of the assets are going to live. You can dream about getting into venture funds and buyout funds and all of that, but mo…”
Marshall: Volatility is the only observable risk; others resist vector math
“The only risk that can be observed is volatility, but I'm managing seven other ones, and we've tried to do it with vector math. You can't.”
Marshall: Believing deals work at any valuation is investors' worst lesson
“This whole concept of the math works for any deal at any valuation because the cost of capital is near zero. I think that is probably the most pernicious thing that was learned by a generation of investors.”
Marshall: Private market inflows completely obliterated the illiquidity premium
“The fact that illiquidity premium had been completely obliterated as more and more money poured into private markets.”
Marshall: Private equity managers must halt deals and focus on operations
“I'm a big believer that the people who we trust with our capital need to be pencils down and really working with the portfolio companies. We have had five to seven years of Massive amounts of capital going into buying private firms and taking companies private…”
Marshall: Halting fund commitments due to NAV limits is a major mistake
“Because I think not being able to commit because you are already over your NAV is actually a really big mistake, because some of the best funds are actually invested during down years, and so you don't want to miss those years.”