49: The $40 Billion Outsourced Investment Office - With Arjun Raghavan, CEO of Partners Capital

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 28 October 2021

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

From zero to $40 billion in 20 years is growth we usually associate with tech startups. When it happens to a firm in the world of asset management, it is all the more remarkable. Dubbed originally as ‘the money manager to the money managers’, today Partners Capital is an outsourced investment office acting for endowments, foundations and ultra-high-net-worth families. In this conversation Arjun describes his education in India, journey to management consulting and his MBA at INSEAD, then working in a hedge fund before moving to Partners Capital. Arjun describes the evolution of the endowment model first adopted by David Swensen at Yale, by analysing asset classes, risk premia, liquidity and the hunt for great managers.

He discusses their assessment of high fees for seeking alpha, how they seek out opportunities at asset class and manager level, and their work on discovering “alternative alternatives”. He responds to criticisms that endowments on average have not beaten the classic 65/35 equity/debt model and of the challenges ahead. Finally Arjun speaks of the two ‘mega trends’ (sustainable investing and investment capital moving to Asia) in an interview that delves into the Partners Capital investment process.

Transcript

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