This week, we continue our countdown of the most popular episodes of 2025 with the top three.

Coming in at number three is Tim Sullivan.

Tim joined the Yale Investments Office in 1986, a year after David Swenson arrived and retired this year.

In his 39 years in the saddle, Tim led Yale's private equity investing,

which was the biggest return driver in the biggest success story over the last four decades.

He shares four decades worth of wisdom and insights in our conversation.

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

This show is an open exploration of the people and process behind capital allocation.

Through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital.

You can join our mailing list and access premium content at capital allocators.com.

All opinions expressed by TED and podcast guests are solely their own opinions and do not reflect the opinion of capital allocators or their firms. This podcast is for informational purposes only and should not

be relied upon as a basis for investment decisions. Clients of capital allocators or podcast guests

may maintain positions and securities discussed on this podcast. Today's show features one of the

biggest industry legends you may never have heard before.

My guest is Tim Sullivan, who recently retired from overseeing Yale University's private market

portfolios for 39 years. He joined the Yale Investments Office upon graduation from Yale

College in 1986, just one year after David Swenson took the helm.

Tim worked alongside David to build and manage the most successful institutional private equity and venture capital programs in history.

Tim lived through the 1987 crash, the early years of allocating to privates

when no one else did, the dot-com boom and bust, the institutional adoption of alternatives

after David published his book in 2000, the GFC, the ZERP aftermath that created a bigger boom

until the hiccup in 2021.

...