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

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How I Invest with David Weisburd · E302: Legendary CIO Larry Kochard On Where Alpha is Today · 11 Feb 2026 podcast

It's less about unfunded commitment problems that they had

during the GFC and really more related to the fact that private investments across the board, bio growth venture, have just not generated the liquidity that they have historically.

And there have just been longer holding periods.

So even good companies in portfolios, managers have been reluctant to liquidate those, either sell them,

or do an IPO.

And these companies don't need to go public.

And so companies are staying private for longer.

And I think that's caused people to just reassess

the speed with which they're committing to private investments.

So they've just gotten less liquid.

So people are using the secondary market.

There is a fairly liquid, especially on the buyout side, secondary market.

So people are tapping into that more.

And so I think there's a greater appreciation

of illiquidity.

I think there is a growing awareness to the fact that, yes, illiquid investments because of differentiated access to good funds, that's still going to be an edge for a lot of the larger endowments.

But I think there's less of this sort of risk premium that's going to be generated because of the fact that they're just illiquid, this illiquidity risk premium.

So I think there's going to be greater appreciation of illiquidity.

Another example is for years on hedge funds, there'd be different share classes that you can invest in in hedge funds.

quarterly, annual, three-year lockup.

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