Michael Phipps

speaker

218 appearances 1 recordings 1 series first heard Jan 2026 last heard 30 Jan

Michael Phipps’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

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

Appearances

newest first · ▶ plays the moment

How I Invest with David Weisburd · E294: Endowment Model vs Total Portfolio Approach: The Real Trade-Offs · 30 Jan 2026 podcast

premium that needs to be jammed into the long end of the curve.

And that's where we then balance and say, hey, you need to have true diversification through this allocation to absolute return hedge funds to really act just like you described and such that you're able to be more opportunistic when drawdowns occur.

You're right.

And that our typical allocation in both private equity and private credit is two thirds to funds, a third in directs and co-invests, though that can vary based on opportunity set.

And we feel co-invests are important as they allow you to average down on investment costs.

They help improve, reduce any J curve in your portfolio, and they give you more control over portfolio construction too, let alone they deepen relationships with the GPs you're investing with and

I'd also, one could argue the other side of that adverse selection question.

Rather, I mean, you're getting access to a set of higher conviction investments that these managers are doing when you're doing co-invest and selecting them appropriately.

So as you mentioned, you have to have some processes in place to do your best to mitigate the adverse selection.

And two ways to mitigate that in our view is one,

Full stop.

You have to know the GPs thoroughly ex ante.

And that is typically the case because usually we've already underwritten their funds, their ability to operate in the verticals that they've chosen.

And two, you need to have a team of professionals that have honestly been principal investors before as GPs so that they can underwrite those co-invests, call out the ones that...

come across as the GP is stretching to make a deal work.

It takes one to know one in that respect.

And in doing the co-invest work, and like I mentioned at the front of the call as well, in keeping that funnel really wide, that means you're going down a lot of different rabbit holes and there's some dead deal costs that are associated with it and some time sink as well.

So having that dedicated team is crucial when trying to affect a program where even we're just doing kind of a two-thirds, one-third split between our fund investments and co-investments today.

With family offices under $250 million, we think they face some structural challenges that can limit their ability to operate with the same rigor, sophistication of the larger institutions.

So we do believe that joining a larger platform creates some meaningful advantages, really in four key areas.

Showing 101–120 of 218 · page 6 of 11