David Druley – Structure into Action at Cambridge Associates (Capital Allocators, EP. 106)
Capital Allocators – Inside the Institutional Investment Industry
Ted Seides – Allocator and Asset Management Expert
4.7 • 841 Ratings
🗓️ 19 August 2019
⏱️ 48 minutes
🧾️ Download transcript
Summary
David Druley is the CEO of Cambridge Associates, a global investment firm that works with premier institutional investors and family offices to manage custom investment portfolios that aim to generate outperformance so they can maximize their impact on the world. David works with Cambridge's leaders to set and execute the firm's strategy, enhance its capabilities, and evolve its processes. David brings a quarter-century of investment experience to the role, including a 16-year tenure at Cambridge.
Our conversation covers David's path from value investing to Cambridge Associates, including a key early career lesson in calibrating risk tolerance. We discuss the history of Cambridge Associates, key characteristics of generating great investment returns, the manager selection process, and David's take on co-investments, long-only managers, hedge funds, fixed income, innovation, and future opportunities and challenges for the business.
The discussion offers a nice compliment to my earlier conversation with Margaret Chen, who oversees Cambridge Associates' OCIO business. You can find that conversation replayed right after this one on the feed.
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Transcript
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| 0:00.0 | Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets. |
| 0:10.5 | Ten East brings benefits of having your own family office without the cost and headaches of doing so. |
| 0:16.8 | It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner. |
| 0:24.2 | Michael and his investment team offer members the opportunity to co-invest by offering at their |
| 0:29.1 | discretion. Michael and his team source, diligence, and commit material personal capital to each |
| 0:35.3 | investment. The opportunities shared on the Ten East platform |
| 0:38.9 | offer exposure to private credit, real estate, niche venture and private equity, and other |
| 0:44.5 | idiosyncratic investments that typically aren't available through traditional channels. |
| 0:49.2 | The principles have over a decade track record of investing in these types of exposures |
| 0:53.5 | across more than 350 |
| 0:55.7 | transactions. Post-investment, the Tennis team conducts ongoing monitoring and reporting, |
| 1:01.8 | just as you'd expect from an institutional investment organization. I've known Michael for about a |
| 1:07.0 | decade, and after becoming impressed by the quality of 10 East offerings, its research |
| 1:11.6 | process, and high-quality investment team, I became an advisor to the organization, an investor |
| 1:17.1 | in multiple offerings. You can learn more and join me as a member at 10-east.com. That's the number 10, |
| 1:25.4 | east.co.O. |
| 1:33.4 | Capital Allocators is also brought to you by SRS Aquium. |
| 1:37.2 | Want to make sure your M&A processes aren't stuck in the past? |
| 1:43.6 | How about partnering with a company that's been defining the future of dealmaking for nearly two decades instead? |
| 1:46.0 | When it comes to M&A innovation, |
| 1:52.7 | SRS Aquium has reshaped the way deals get done more than anyone else, streamlining processes for maximum efficiency and minimum headaches. Professional shareholder representation, online |
| 1:59.2 | M&A payments, digital stockholder solicitation, |
... |
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