Jeff Blazek

speaker

496 appearances 1 recordings 1 series first heard Feb 2026 last heard 13 Feb

Jeff Blazek’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.

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How I Invest with David Weisburd · E304: Neuberger Berman Co-CIO on Mistakes Smart Investors Make · 13 Feb 2026 podcast

It will take you 10 to 15 years before you get all of the capital back from a traditional venture fund.

And the lack of liquidity became exacerbated in the interest rate spike of 2022.

There are still a lot of venture capital funds that were raised five years ago that have yet to return a penny to their investors.

And that was not the assumptions that were underwritten by these endowments.

So what ended up happening is while these might be great funds, we might look at them five years from now and say, wow, as long as you were patient, you were going to get your money back.

But in the interim, you have a lot of money that you've infused that's on the ground that you cannot touch.

And a lot of other opportunities and volatilities have happened since then.

You have a portfolio.

If you put 50% to 60% of your portfolio in privates, you can't redeploy it into other liquid areas.

So the lack of liquidity, I'd say the lack of balance has caused endowments to seize up.

Their portfolios had a denominator effect initially, where it grew to an outsized proportion of their allocation, and they were not able to rebalance into the areas that were really attractive in 2022.

So our role is in a multi-asset construct.

Anytime an investor comes to us and they want to have multiple asset classes to invest, so not just a pure fixed income mandate, they will give us parameters where we define a target asset allocation and we get to use bottom-up strategies to add value.

But importantly, we do top-down asset allocation to tilt the portfolio in areas that are attractive.

Now,

A lot of our clients, in fact, two thirds of our mandates now allow us to use a blend of public and private investments.

And that's really exciting for us.

And so perhaps after we do the work, we work closely with our clients to determine the optimal asset allocation.

If they determine we can put 20% in privates, what we can do is over the course of several years, starting from zero, working our way up to 20%, we can use a wide variety of private investment asset classes to build up and generate a robust return that is enhancing the overall portfolio.

And what we will do is, depending on the client's objectives, we'll use buyouts, co-investments, secondaries, hybrids like capital solutions that might be doing preferreds, real estate, even things like catastrophe bonds, all tools in our toolkit that we'll use to craft the optimal private portfolio that is achieving high returns while providing reasonable cash flows in return to be able to balance in the overall hybrid of the portfolio.

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