Innovation in Private Markets 1: Steve Moseley – The Space in Between GPs and LPs at Alaska Permanent Fund (Capital Allocators, EP.192)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8 • 806 Ratings

🗓️ 3 May 2021

⏱️ 79 minutes

🔗️ Recording | iTunes | RSS

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Summary

Steve Moseley is the Head of Alternative Investments at Alaska Permanent Fund, a $70 billion sovereign endowment that supports the citizens of Alaska. Steve leads a small team, based in Juneau, Alaska, that is one of the most active participants in what he calls the space in between General Partners and Limited Partners. Across private equity, venture capital, infrastructure, and private credit, Steve and the fund are considered one of the most innovative investors in private markets.

Our conversation covers Steve’s path to Alaska, the Permanent Fund’s unique pool of capital, the history of its investment strategy, and the development of the private asset portfolio. We then turn to the attributes of fund investments and his focus on adding value beyond fund investments, including co-investments, stakes, and seeding. We touch on perspectives on managing through an expensive pricing environment, secondary transactions, future innovation in the portfolio, and the challenges of talent acquisition and retention.

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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.
1:36.2	This three-part mini-series, innovation in private markets, looks at the disruptive innovations in the structure of private investing from the perspective of asset owners and managers.
1:42.4	The idea was the brainchild of Daniel Adamson at Capital Constellation, the sponsor of
1:48.4	these conversations.
1:50.3	Daniel is the president of Capital Constellation and was a guest on the show last year.
1:55.8	That conversation describing the unique consortium of large asset owners is a terrific primer for this miniseries and is replayed in the feed.
2:12.8	Hello, I'm Ted Sides, and this is Capital Allocators.
	...

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