Michael Carmen – Late-Stage Private Investing at Wellington (EP.332)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8 • 806 Ratings

🗓️ 10 August 2023

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s Sponsored Insight features Michael Carmen, the Co-Head of Private Investments at Wellington Management. Wellington’s Private Investment platform has $8 billion in committed capital investing across technology, consumer, health care, and financial services. Michael helped launch the firm’s first private equity fund in 2014, bringing Wellington’s broad scope to late-stage venture-backed companies. He previously invested in diversified small- and mid-cap public equities.

Our conversation covers Michael’s early career, path to Wellington, and pivot after a decade at Wellington from public markets to privates. We discuss his investment process across sourcing, diligence alongside Wellington’s public equity analysts, value proposition for portfolio companies, portfolio construction, and exits. We close with opportunities and risks for those with capital to put to work.

For full show notes, visit the episode webpage here.

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Transcript

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0:00.0	Hello, I'm Ted Sides, and this is Capital Allocators.
0:10.2	This show is an open exploration of the people and process behind capital allocation.
0:16.3	Through conversations with leaders in the money game, we learn how these holders of the keys to the
0:21.8	kingdom allocate their time and their capital. You can join our mailing list and access premium
0:27.8	content at capital allocators.com. All opinions expressed by TED and podcast guests are
0:35.0	solely their own opinions and do not reflect the opinion of capital
0:37.7	allocators or their firms. This podcast is for informational purposes only and should not be relied upon
0:42.5	as a basis for investment decisions. Clients of capital allocators or podcast guests may maintain
0:47.6	positions and securities discussed on this podcast. My guests on today's sponsored insight
0:54.1	is Michael Carmen, the co-head of private investments at Wellington Management.
0:59.6	Wellington's private investment platform has $8 billion in committed capital investing across
1:04.7	technology, consumer, healthcare, and financial services. Michael helped launch the firm's first
1:10.7	private equity fund in 2014,
1:12.6	bringing Wellington's broad scope to late stage venture-backed companies. He previously
1:18.6	invested in diversified, small, and mid-cap public equities. Our conversation covers Michael's
1:24.4	early career, path to Wellington, and pivot after a decade at
1:28.3	Wellington from public markets to privates.
1:31.4	We discusses investment process across sourcing, diligence alongside Wellington's public
1:36.2	equity analysts, value proposition for portfolio companies, portfolio construction, and exits.
1:43.1	We close with opportunities and risks for those with capital to put to work.
1:48.9	Before we get going, it's been a strange summer in the skies and on the fields.
1:54.6	The weather by me was unseasonably cool, then a little too hot,
	...

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