Larry Kochard
speaker
464 appearances
1 recordings
1 series
first heard Feb 2026
last heard 11 Feb
Larry Kochard’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
And again, there's this notion of
if you have a team, they want to be making changes themselves.
As opposed to moving very slowly,
But doing that in a way where it still is a fun, intellectually stimulating place to work, I think is interesting.
I mean, one idea, most endowments, it's essentially manager of managers.
We're hiring managers.
As you said, there could be certain sleeves where we have passive allocation as a toehold, but it's for the most part hiring investment managers and with a different range of number of manager relationships.
I do think doing direct investing as co-investing, where you're investing alongside of public and private managers, having that on the periphery
of having a concentrated portfolio of number of managers and doing a lot of co-investing around the edges keeps people engaged and gets them closer to the underlying portfolio companies, which is, I mean, at the end of the day, that's the edge.
How well are those portfolio companies actually doing and why do they have a right to win?
And not that you're necessarily going to be making
doing the level of research and sourcing that managers would be doing, but leveraging up some of those decisions, it reduces the fee load, but it creates more liquidity, gives you more direct control over the sale of certain investments.
And it keeps the team very engaged in the process without then having to make a bunch of manager hire and fire decisions over a period of time.
Completely agree.
You're doing ongoing due diligence and you're getting closer to the portfolio companies, which is what is ultimately going to cause the alpha and you're cutting fees.
It's a good analog to that.
That's a really good comparison.
I'll tweak this question a bit.
And this is what I would say is actually an even bigger career lesson learned.
If you go back in time, whether it's me or whether it's other CIOs, you
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