Private Capital – Details, episodes & analysis

Zoe Cruz is a prominent figure in the financial services industry, known for her significant contributions and groundbreaking achievements as one of the highest-ranking women on Wall Street. She was named one of the Forbes top 50 women in business four years in a row.  With a career spanning over 25 years at Morgan Stanley, where she served as Co-President, Cruz played a pivotal role in managing major revenue-generating businesses, starting with her taking charge of the FX desk in 1993. Her expertise and leadership have established her as a key player in the finance sector.  Cruz transitioned to founding her own asset management firm, Menai Financial Group. This move not only highlights her resilience but also her belief in the potential for growth and opportunity that can come from financial innovation.

Zoe Cruz moved to the US from Greece at age fourteen and is a graduate of Harvard and Harvard Business School.  As we engage in this discussion with Zoe Cruz, we will explore her insights on leadership, inflection points in market cycles, why Morgan Stanley hired James Gorman, the current dangers of hidden leverage, and the bridges from TradFi to DeFi.

Menai Financial:  https://menai.io

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: circulus.substack.com

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

Michael Weisz has a real knack for finding unconventional opportunities and a strong entrepreneurial spirit.  He cut his teeth in real estate, but quickly found his nuanced understanding of mis-priced risk prepared him for creative investments like litigation and receivable finance and strategies like loans to professional athletes during lockouts.  We talk about the development of the Yieldstreet platform, how they think about the wide variety of offerings they have from fine art to CLO’s, the democratization of finance, and the international scaling of the firm.

Michael is the Founder and CEO of Yieldstreet, the leading private market investing platform, with more than 500k members and $5.7 billion invested.

An award-winning entrepreneur, he co-founded Yieldstreet in 2015 with an ambition of providing individual investors access to curated private market assets typically reserved for institutions. As CEO, Michael leads Yieldstreet’s strategic vision to make alternatives a fundamental piece of investor portfolios.

Before Yieldstreet, Michael held a variety of positions across the specialty finance spectrum, including founding Soli Capital. Previously, Michael was Vice President at a New York-based credit opportunities hedge fund with $1.2B under management.

WEBSITE:  https://www.yieldstreet.com/

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Joe Reilly is the CEO of Circulus Group an educational forum for family offices, and the host of the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: circulus.substack.com

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

Alex Chaloff is the CIO of Bernstein Private Wealth Management. We had a great conversation talking about his personal litmus test for a manager, what to do with lagging funds, the advantages of scale, and the importance of having a sleep coach. Please enjoy my talk with Alex Chaloff.

Alex Chaloff is the Chief Investment Officer of Bernstein Private Wealth Management. Before his current role, he served as head of Alternative Asset Strategies. Alex was also a Senior Investment Strategist and Co-head of Bernstein’s Private Client Investment Policy Group, the decision-making body for the private client business. The PCIPG provides asset allocation, investment, and risk management advice for high-net-worth clients, endowments, and foundations. Before joining Bernstein in 2005, he was a managing director at Wilshire Associates, serving on the firm’s investment committee. At Wilshire, Alex structured the investment programs of Fortune 500 companies and developed the portfolio construction for multiple mutual fund complexes, serving as Chief Financial Officer for several fund families. Prior to that, he worked in fund accounting operations at a global custodian in Boston. Alex earned a BA in government and politics from the University of Maryland, College Park, and an MBA with a concentration in finance from the Marshall School of Business at the University of Southern California.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://www.circulus.co/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

Today we have Mark Hurley, who recently co-authored a white paper called Welcome to the Jungle: The Next Phase of the Evolution of the Wealth Management Industry. Mark has written several influential papers over the years, and makes some intriguing and provocative points. We go into the mechanics of the wealth management business, how to find talent, discuss the ten-year acquisition spree in the industry, and the challenges of a wealth management business which is transitioning from a club-like place to one that is far more competitive.

Mark is currently CEO of Digital Privacy and Protection, a cybersecurity company. He was the Chairman and CEO of Fiduciary Network, a well know firm that provided capital for internal transitions, acquisitions, and MBOs of Registered Investment Advisors. Prior to that he was CEO of Undiscovered Managers, a mutual fund company, and started out at Goldman Sachs. Mark was educated at the United States Military Academy at West Point and has an MBA from Stanford.

Digital Privacy and Protection:  https://www.dpripro.com

Welcome to the Jungle: The Next Phase of the Evolution of the Wealth Management Industry: https://www.dpripro.com/research/yhxohtca3dvhxbc69uh2xqhgi5ynen-jzsww

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://www.circulus.co/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

Steffen Pauls is a serial entrepreneur with a long background in the private equity industry.  His career started at BCG; he started and sold a fintech company during the dot com era; worked at KKR when it was still a small firm and grew along with it; and then left to start his own company in 2016 called Moonfare - which is a private equity investing platform making top-tier funds available to retail and institutional investors at lower minimums.  Steffen got his bachelor’s degree from the University of Mannheim with high distinction and his PhD in Economics from the University of Trier.

We talk about his exciting educational and entrepreneurial journey, what KKR was like when it all fit in one room, the challenges of starting a company and getting initial traction, the technological challenges of building a private equity platform, and what he thinks about the future of the space.

Please enjoy my interview with Steffen Pauls.

Moonfare:  https://www.moonfare.com/us
Twitter:  https://twitter.com/steffenpauls
Moonfare Deal Talk:  https://podcasts.apple.com/il/podcast/deal-talk-interviews-with-private-equity-leaders/id1689571193

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 
FOLLOW JOE: https://twitter.com/joereillyjr
WEBSITE: https://www.circulus.co/
INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

Casey Whalen has had a remarkable investing career starting at the Yale investments office, then Rockefeller University, the CIO of the New York Public Library, running three billion at Truuvo partners and now heading up Lazard’s family office partners.  Casey and I talk about the many lessons she learned from David Swensen, and I especially liked her stress on getting alignment with all the players in an investment program.  We also talk about the importance of the right frameworks, private investments, letting go of managers and dealing with customized portfolios for wealthy clients.

Please enjoy my interview with Casey Whalen.

Full Bio:
Casey Whalen is the Managing Director, Head and CIO of Lazard Family Office Partners.  She was previously CEO and CIO at Truvvo partners, a $3.8 B OCIO manager of family wealth and was CIO of the New York Public Library before that.  She was Director of Public Investments for Rockefeller University and began her investment career at the Yale University Investments Office under David Swensen.  She is a graduate of Yale University where she studied economics.  She serves on the Investment Committee of the Rockefeller Family Fund.

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Lazard Family Office Partners:  https://www.lazardassetmanagement.com/us/en_us/references/lazard-family-office-partners

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 
FOLLOW JOE: https://twitter.com/joereillyjr
WEBSITE: https://www.circulus.co/
INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

Today we are speaking to Ryan Eisenman, co-founder and CEO of Arch, a leading fintech startup that is a digital administrator for private investments.   I thought it would be great to catch up with Ryan to get a look under the hood of a rapidly growing B2B SaaS company tackling one of asset management’s persistent back office issues such as K-1s and capital calls, as well as a look at how their focus on product and customer experience can help you stand out in the burgeoning fintech space.  As someone who has personally struggled from the deluge of unstructured data in a family office, I am always interested in how technology can solve this ultimate of pain points in a family office or RIA, and Ryan and his team are on the cutting edge of applying new technology, including AI to this area.  We hear his founder story and how he and his co-founders Jason Trigg and Joel Stein have approached pricing, market fit, handling data, and all the different types of customers and their individual challenges.  Right after we recorded this interview, Arch closed a $20 million Series A led by Menlo Ventures, with Craft Ventures, Quiet Capital, Citi Ventures, and Focus Financial joining.  The group has over 200 customers managing over $60 Billion.

Ryan Bio:

Ryan Eisenman is the co-founder and CEO of Arch, a digital solution for managing private-market assets like private equity, venture capital, and real estate. What started as a solution for collecting K-1s is now used to automate portfolio management and analysis by over 200 institutional clients, private offices, and investment advisors,  including one of the three biggest US banks. Ryan is a Houston native, graduated from Vanderbilt University with a degree in Human and Organizational Development, and lives in New York City, where Arch is based. 

WEBSITE:  arch.co

FOLLOW RYAN: https://twitter.com/Ryeisenman

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://www.circulus.co/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2023 Joe Reilly

Today we have Jon Hirtle, founder and executive chairman of Hirtle, Callaghan & Co, a $20 billion  OCIO firm.  I was especially interested to talk to Jon because he is a real process guy, and has been thinking deeply about managers and portfolios for over thirty years.  John trained recruits at Paris Island, worked at Goldman, and left with no clients to become a pioneer in what came to become the OCIO business.  We discuss prediction markets, what he learned from the Mellon family office, and his concept of looking for an “uninterrupted chain of logic.”

Jon is a regular commentator on national media and is best known for his role in pioneering the outsourced CIO (OCIO) model for families and institutions. Prior to founding Hirtle Callaghan, Jon worked at Goldman Sachs advising family groups and institutions on investment strategy and securities selection. Previously, he served as an officer in the United States Marine Corps. He earned his B.S. and M.B.A. degrees from the Pennsylvania State University.

Please enjoy my interview with Jon Hirtle.

Full Bio:

Founder and Executive Chairman of Hirtle, Callaghan & Co.

In his role as Executive Chairman, Jon continues his intense focus on producing ever-better net outcomes for clients. Working closely with the Hirtle Callaghan Investment Strategy Group, he developed the firm’s investment philosophy which he distilled into four cornerstone principles. Jon appears regularly on national broadcast networks including CNBC, Fox Business, and Bloomberg Television. He is highly sought after for his commentary on investing and was dubbed the "Oracle of Outsource" by Pensions & Investments as Hirtle Callaghan is best known for his role in pioneering the outsourced CIO (OCIO) model for families and institutions. Prior to founding Hirtle Callaghan, Jon worked at Goldman Sachs advising family groups and institutions on investment strategy and securities selection. Previously, he served as an officer in the United States Marine Corps. He earned his B.S. and M.B.A. degrees from the Pennsylvania State University.

Hirtle Callaghan & Co:  https://www.hirtlecallaghan.com

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://www.circulus.co/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2023 Joe Reilly

AI for Portfolio Insight

Jan Szilagyi is the CEO and co-founder of Toggle AI, a generative AI startup that uses machine learning to turn institutional-grade data into insights for investors of all stripes. Szilagyi spent most of his career with Stanley Druckenmiller at Duquesne Capital. He was co-CIO of global macro at Lombard Odier and also managed portfolios at Fortress under Michael Novogratz.  Jan has a Ph.D. in economics from Harvard, and BA and MA degrees in mathematics and economics from Yale.

I was very eager to talk to Jan about his cutting-edge work of actually applying artificial intelligence to help portfolio managers and analysts.  When I first met Jan three years ago, he was already ahead of the curve in using advanced models to digest huge amounts of investment data and prices in a way that was useful and didn’t require data science training to use.  We talk about Jan’s experience at Duquesne and Fortress, the founding of Toggle AI, how to think about how AI is being applied to the financial world, hiring AI talent, and how to speed run a Ph.D.  Please enjoy my excellent conversation with Jan Szilagyi.

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

ToggleAI:  https://toggle.ai

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://www.circulus.co/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, then do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2023 Joe Reilly

Stan Miranda is the Co-Founder and Chairman of Partners Capital, a global OCIO with $50 billion under management.  Stan was previously a longtime director at Bain and chairman of their Worldwide Executive Committee and a co-founder of Evolution Global Partners, a venture capital firm affiliated with Kleiner Perkins and TPG.  

I was interested to talk to Stan about the very interesting DNA of Partners, and how they engage with their very talented clients, many of whom are private equity partners, endowment heads, and substantial family offices.

Stan has thought deeply about the Endowment Model and has written many excellent white papers for Partners, some of which we discuss.  We cover the upcoming energy transition and why the route is not Net Zero, how he combined strategic thinking and analysis with the endowment model into the playbook they used to start Partners, how private equity partners manage their own personal money, and the transitions they go through in their own lives, and how Stan thinks about alternatives to alternatives.  Please enjoy my excellent conversation with the engaging Stan Miranda.

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

FULL BIO:

Stan Miranda founded Partners Capital in 2001 and is Chairman of the firm’s Board of Directors. He was previously the Chief Executive Officer from 2001 until June 2020 and also held the Chief Investment Officer position until 2016. He is a member of the firm’s Global Investment Committee and has been the senior advisor to the Private Equity asset class team since the firm’s founding. Previously, Stan was a Co-Founder and Managing Director of Evolution Global Partners, a Kleiner Perkins, and TPG affiliated venture capital firm; Director of Bain & Company and member of its Worldwide Executive Committee (Chairman in 1997-98); member of Bain & Company’s Private Equity Practice and Private Equity Investment Committee member; and Certified Public Accountant. Stan holds an MBA from Harvard.

Partners Captial White Papers:  https://partners-cap.com/insights/

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://www.circulus.co/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, then do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2023 Joe Reilly