Moseley: In-House Direct Investing Matters More for Deal Access Than Fee Savings
Steve Moseley · Innovation in Private Markets 1: Steve Moseley – The Space in Between GPs and LPs at Alaska Permanent Fund (Capital Allocators, EP.192) · May 3, 2021 · at 20:15
Steve Moseley, Head of Alternative Investments at APFC, explains the primary strategic justification for institutional LPs shifting from fund-of-funds consultants to internal teams.
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“Our view then and our view now was we need to take out some of those layers and the benefit, the reward for that wouldn't be just avoiding some fees. That's actually sort of the smallest component of the incremental value that We identified, but that we would be able to pursue activity that we couldn't pursue in that format. We could make investments that we couldn't make in this indirect way through multiple layers of consultants.”
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