Institutional foundations are experiencing unusually long venture capital liquidity tails
Roz Hewsenian · Roz Hewsenian –Helmsley Trust's Chief of People and Process (Capital Allocators, EP.63) · Aug 6, 2018 · at 48:28
Roz Hewsenian, CIO of Helmsley Charitable Trust, explains private market cash flow modeling and distribution delays to Ted Seides.
0:00 / 0:11exact quote · 11.8s
720p mp4 · rendered on demand · StarZero watermark
“One of the things that's happening to a lot of our peers that we've been able to watch is that they haven't been getting the money back from their venture capital managers as fast as they thought they were. So those tails are much longer.”
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 Roz Hewsenian
Hewsenian predicted in 2018 Gavin Newsom's policies would trigger Silicon Valley exodus
“The other thing that has us very excited is that we think that Silicon Valley is only going to last for so long. If for no other reason, California is becoming very business unfriendly. If Gavin Newsom wins the gubernatorial race, And he does to California wha…”
Hewsenian: Viewing Career Obstacles Through Immutable Traits Drives Self-Victimization
“If you look at everything through the lens of some immutable characteristic, then you'll victimize yourself faster than anybody else will.”
CalPERS eliminated its hedge fund program after top funds refused fee cuts
“The best hedge funds wanted nothing to do with CalPERS because CalPERS wasn't willing to pay their fees, and Ted Eliopoulos, the chief investment officer, eliminated the hedge fund program”
Hedge funds work for $3B foundations but fail for $300B public pensions
“If you're a three billion dollar foundation, hedge funds can work for you. When you're a three hundred billion dollar governmental pension funds, not so much. Context is everything.”
Fixed allocation targets force institutional allocators into lower-tier investment managers
“If I had a specific bucket with a target, I'd have to fill it, which means that not only am I investing in the best, if I can get into the best, I might have to invest in the second best and maybe even the third best to get my allocation filled.”
Brilliant fund managers have significant shortcomings and require sane partners as ballast
“And this is an interesting thing about truly brilliant people. They typically have a flat side. So when I'm assessing money managers, and I've met a lot of them with huge egos and flat sides, I look for A partner. Do they recognize their own shortcoming, and d…”