Anselm: Over-diversifying across GPs creates passive index returns with active fees
Charles Anselm · Solving Liquidity Challenges & Enhancing Transparency in Private Markets · Aug 15, 2025 · at 6:40
Charles Anselm, CEO of Osyte, explains the risks of multi-manager portfolio construction and lack of transparency for institutional limited partners.
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“As you make more and more investments, your portfolio starts looking like a general index fund, right? Again, it kind of goes back to, you know, you need to know exactly what those Holding companies are in a private market, you know, in particular, also in the public pocket sphere, then figure out what is the commonality across these portfolios. You talked about, you know you know, variation, right? There's a lot of correlation, but it's all the more important thing is like covariance, right? How do these assets behave in terms of market stress, right? You know, are they all behaving in the same direction? Then, you know, what you may really have is a index portfolio or a passive portfolio where you're just paying a lot of money, you know, for these GPs. There's a two and 20 fees, right?”
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