This issue of single asset class stuff, it really prevails.

Let's take a look at it through a private market lens as a way of example.

The world has imposed a developed market private investing construct on emerging markets,

which is to say the vast majority of investment vehicles in emerging markets are mono asset class. It's either private

equity or its private credit or its infrastructure. Many of them are regional or sub-regional.

And that is a terrible way to invest in emerging markets. It is a terrible way because the deal

flow in emerging markets will not support mono-ass asset class, single country, sub-regional

funds, and therefore the people who raise that money end up deploying it badly. Layer into that

a 15-year bare market on currencies, you end up with a fragmented market full of failing GPs and two small funds competing with the U.S.

leveraged private equity industry. So forget it.

I'm Ted Sides and and this is Capital Allocators.

My guest on today's show is Nick Roiton, the CEO of the Roiton Group, a global emerging

markets and real assets investment firm he founded in 2002 that manages $7 billion across public and private markets.

Nick previously spent two decades leading J.P. Morgan's emerging markets business across

multiple cycles and served on the bank's executive committee. He also served as the founding chair

of the Emerging Market Traders Association and later as chair of the Emerging Market Traders Association, and later as chair of the

emerging markets' private equity association. Nick's worldview is also shaped by his international

family history of doing well while doing good. His grandfather, Clarence Street, was a longtime

New York Times foreign correspondent, and his father, Felix Roitin, was one of the

most influential financiers of his generation.

Our conversation traces Nick's path from his international upbringing to capital markets

innovation at J.P. Morgan and the founding of TRG.

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