The Institutional Edge: Real allocators. Real alpha. – Details, episodes & analysis

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The Institutional Edge: Real allocators. Real alpha.

Angelo Calvello

Business

Frequency: 1 episode/6d. Total Eps: 10

Welcome to The Institutional Edge: Real allocators. Real alpha! Dr. Angelo Calvello hosts this exciting new podcast partnership with Pensions & Investments, designed to cut through the noise in institutional investing. Unlike other investment podcasts filled with vendor pitches and rambling biographical stories, this series delivers focused 30-minute episodes featuring real asset owners who actually deploy capital. Get ready for authentic insights that challenge conventional thinking and help you make smarter investment decisions. About the Host: Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators. As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom. Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

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🇫🇷 France - investing
10/10/2025
#95

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https://berkshireglobal.com/our-team/aj-hachim/
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https://liming-zhu.org/about-me
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https://www.pionline.com/opinion/pi-opinion-AI-hiring-for-the-future
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https://www.linkedin.com/in/ajmalhachim/
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https://www.linkedin.com/in/chris-walvoord/
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https://www.linkedin.com/in/peter-s...
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https://www.youtube.com/@pensionsinvestments
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Score global : 63%

Publication history

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Risk-Adjusted Performance of Private Funds: What Do We Know?

Tuesday, October 7, 2025 • Duration 33:01

What if 35 years of data prove venture capital's high returns aren't worth the risk?

In Episode 2 of the Private Markets Series, Angelo Calvello interviews Professor Greg Brown from the Institute for Private Capital and the University of North Carolina at Chapel Hill about his comprehensive research on risk-adjusted performance across private markets. Brown analyzes 35 years of MSCI data covering venture capital, buyout, private credit, real estate, and infrastructure funds. The conversation reveals that buyout funds consistently deliver approximately 3% alpha, while venture capital's high returns fail to compensate for systematic risk. Brown demonstrates that non-US funds significantly outperform when properly benchmarked against local indices, and simple risk adjustment models provide comparable insights to complex methodologies for institutional investors.

Professor Gregory Brown is the Van Lear and Kay Witherspoon Distinguished Professor of Finance at the University of North Carolina's Kenan-Flagler Business School, where he founded and directs the Institute for Private Capital. He also serves as Faculty Director for the Hodges Scholars Program at UNC. Greg is a leading expert in alternative investments, specializing in private equity, venture capital, hedge funds, and the performance analysis of private markets. His research combines theoretical rigor with practical applications, helping institutional investors make better allocation decisions. Greg's work frequently examines risk-adjusted returns, benchmarking methodologies, and portfolio-level performance across private fund strategies.

In This Episode:

(00:00) Introduction to Private Markets Series Episode 3, Professor Gregory Brown

(03:07) Research framework, data sources, and performance metrics explained

(08:29) Benchmarking methodology and findings for equity funds

(16:02) Debt funds and real asset performance results

(21:53) Overall conclusions and practical guidance for institutional investors

(27:29) Future research directions and portfolio-level analysis

Like, subscribe, and share this episode with someone who might be interested!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Chapters

(00:00:00) - The Institutional Edge: Risk Adjusted Performance of Private Funds
(00:02:06) - Private Funds: Risk Adjusted Returns
(00:06:00) - Risk Adjusted Returns and Money Multiples
(00:08:21) - Private Asset Benchmarking
(00:15:49) - Private Credit Funds: The Outperformance
(00:18:14) - Private Asset Funds
(00:25:07) - Beyond Quantitative Analysis: Best Buyout Funds
(00:27:29) - Future Plans for This Paper

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Building Portfolio Resiliency Through Private Markets

Tuesday, September 30, 2025 • Duration 30:58

Is diversification dead in private markets?

Welcome to the first episode of our Private Markets Series, featuring Venus Phillips, Managing Director at the Kresge Foundation. Venus discusses building portfolio resiliency through strategic private market allocations, and her team's approach to managing a $2 billion portfolio across buyout, venture capital, real estate, and natural resources. She emphasizes the importance of developing true partnerships with general partners, starting with a "people first" due diligence philosophy. The conversation covers emerging manager investing, secondary market participation, energy transition strategies, and the critical role of transparency and alignment in GP relationships for long-term institutional success.

Venus Phillips is a managing director at The Kresge Foundation where she evaluates investment opportunities and managers across all asset classes for the foundation's endowment. She joined Kresge in 2019 as an investment director focused on private markets including private equity, real estate and natural resources. Previously, Venus served as head of public markets at Fiat Chrysler Automobiles (now Stellantis), leading investment strategy for pension funds and employee savings plans. She has also held positions with Morningstar, University of Chicago Investment Office, NextGen Capital Partners and JP Morgan Private Bank. Phillips holds CFA and CAIA designations and earned degrees from Howard University and University of Chicago Booth School of Business.

In This Episode:

(00:00) Introduction of Venus Phillips, managing director at Kresge Foundation

(02:30) Private market portfolio spectrum and evolution over two decades

(04:05) Defining resiliency as investment objective and portfolio construction strategy

(08:16) Building strategic partnerships beyond capital deployment with GPS

(13:08) Co-investment approach and team structure at Kresge Foundation

(16:27) Secondary markets participation and continuation vehicle strategy

Chapters

Leapfrogging to Multi-Agentic Systems: The Future of Pension Fund Management

Tuesday, September 23, 2025 • Duration 52:30

What if your pension fund could outperform peers while cutting operational costs in half?

In this episode of The Institutional Edge, host Angelo Calvello interviews Antonio Rodriguez, Director of Investments at Building Service 32BJ Benefit Funds, exploring how multi-agent AI systems could revolutionize pension fund management. Rodriguez argues that resource-constrained allocators can leapfrog traditional technology by adopting AI agents for operational tasks before advancing to investment decisions. "Resource constraints are the engine for innovation," Rodriguez explains, advocating for staging implementation from legal documentation to tactical asset allocation. They discuss implementation challenges, including governance structures, data privacy, vendor selection, and the importance of maintaining human oversight while transforming pension fund operations through AI-enhanced decision-making processes.

Antonio Rodriguez has dedicated his career to responsible investment of working people’s capital. In his current role as Director of Investments for the 32BJ Benefit Funds, he is responsible for the defined benefit pension, health, defined contribution, training, and legal funds for over 170,000 members of SEIU 32BJ, totaling over $10 billion in assets. At the 32BJ Funds, Antonio leads the investment team and advises trustees on investment policy, asset allocation, portfolio construction, and manager selection. Prior to his role at the 32BJ Funds, Antonio was Director of Investment Strategy at the New York City Board of Education Retirement System. Antonio also served as trustee for four of the New York City Retirement Systems (NYCRS) and the New York City Deferred Compensation Plan. Before his various roles at NYCRS, Antonio spent the first part of his career as a union researcher and organizer at the Service Employees International Union, including as Research Director at SEIU Local 1107 and as a member of the SEIU Capital Stewardship team. Antonio has been a member of various boards, including the New York Foundation, the Jobs with Justice Education Fund Board, the CFA Institute’s Global Investment Performance Standards Asset Owner Advisory Committee, and the AIF Global Investor Board. He earned his BSBA in Accounting and History from Washington University in St. Louis and his Master of Arts in History from the City College of New York. He holds the Chartered Financial Analyst (CFA) designation and a Certificate in Performance Measurement.

Chapters

AI's Winner Take All Effect: How Will AI Reshape the Institutional Investment Industry?

Tuesday, September 16, 2025 • Duration 26:18

Which three attributes separate AI winners from losers in asset management—and does your firm have them?

Angelo Calvello, host of Institutional Edge, interviews Ajmal (AJ) Hachim, Vice President and co-lead of Berkshire Global Advisors' Financial Technology practice, about artificial intelligence's transformative impact on asset management. Hachim explains why AI has become table stakes for investment firms and discusses strategic implementation approaches through build, buy, or lease models. The conversation explores competitive advantages gained through proprietary data access, organizational culture requirements for AI success, and potential industry consolidation pressures. Hachim identifies three critical attributes separating future winners from losers while addressing concerns about autonomous decision-making and multi-agentic systems in institutional investing.

In This Episode:

(00:00) Guest Ajmal Hachim, AI's winner-take-all effect

(02:28) AI as table stakes for asset managers across all business functions

(06:11) Build, buy, or lease strategies for AI implementation

(09:23) Competitive advantages and industry consolidation patterns

(12:18) Three key attributes for AI winners in asset management

(17:07) Multi-agentic systems and autonomous decision making challenges

(20:31) Big tech hyperscalers entering asset management space

(22:37) Berkshire Global's internal AI initiatives and workflow optimization

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AI Claims vs. Reality: An Asset Allocator's Due Diligence Framework

Tuesday, September 9, 2025 • Duration 36:11

How do you distinguish substance from hype when managers claim AI implementation advantages?

In this week's The Institutional Edge, Angelo welcomes Chris Walvoord, recently the Global Head of Liquid Alternatives Research and Portfolio Management at AON, where he led a team of 14 supporting Advisory and OCIO businesses across hedge funds, private credit, and opportunistic investments. Walvoord provides a comprehensive framework for allocators navigating the critical challenge of assessing AI implementations in investment strategies, emphasizing that allocators don't need machine learning expertise to effectively evaluate AI claims. The conversation reveals practical methods for distinguishing substance from hype, identifying red flags, and conducting thorough due diligence on AI-enhanced strategies in an increasingly complex technological landscape.

In This Episode:

(00:30) Introduction of Chris Walvoord, former Global Head at AON

(01:15) Hypothetical systematic global macro manager using AI enhancement claims

(04:13) Beyond buzzwords: requiring specificity in AI tool explanations

(05:18) Talent requirements: specialized skills beyond traditional finance backgrounds

(09:41) Data importance: sources, curation, and quality assurance processes

(14:35) AI model types and techniques: understanding specific approaches

(18:45) Testing and validation: building robust models for commercial deployment

(25:10) Red flags in AI due diligence and governance frameworks

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The AI-ESG Paradox: Why Assessing AI's Impact Defies Simple Metrics

Tuesday, September 2, 2025 • Duration 34:21

What methodological breakthrough is helping institutional investors solve the AI-ESG paradox?

This week, host Angelo Calvello interviews Dr. Liming Zhu, Research Director at CSIRO's Data61 and a leading voice in responsible AI development. Dr. Zhu reveals why traditional ESG metrics fall short when measuring AI's complex impacts, from the staggering energy consumption of model training (equivalent to 350,000 households annually for early ChatGPT) to nuanced second-order effects across stakeholder groups. The conversation explores how AI's diverse applications resist standardized assessment, requiring sophisticated frameworks that capture both immediate environmental costs and long-term societal implications. Dr. Zhu presents the practical assessment methodology he developed with CSIRO colleagues, offering asset owners a pathway through the measurement complexity that defines modern AI investing.

In This Episode:
(00:00) Introduction to AI's environmental impact and energy consumption
(02:00) Carbon footprint breakdown: training versus usage phases
(05:08) Energy sources and renewable scheduling for AI operations
(09:22) Grid stress and national energy infrastructure challenges
(10:57) Resource utilization efficiency and baseline comparisons
(14:39) Water usage for cooling and community impact concerns
(19:38) Human labor implications and global south workforce
(26:49) AI's potential to solve climate problems and accelerate science

Like, subscribe, and share this episode with someone who might be interested!

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.Dr. Zhu's Bio:

Chapters

The AI Implementation Gap: What's Stopping Asset Allocators?

Tuesday, August 26, 2025 • Duration 34:20

"I feel like the adoption of an AI tool could potentially eliminate the need for other existing tools - it might not be a net add, it could be a net efficiency gain." - Melissa Lopez

In this episode, Angelo Calvello of The Institutional Edge interviews Melissa Lopez, former Managing Director at James Irvine Foundation, about AI integration in institutional investment management. With 15 years of endowment and foundation experience managing multi-billion dollar Bay Area portfolios, Lopez reveals why allocators struggle with AI adoption despite clear productivity benefits. She discusses cultural barriers, leadership challenges, and practical implementation strategies, distinguishing between true AI integration and misconceptions about AI exposure through venture portfolios. Lopez advocates for immediate experimentation over wait-and-see approaches, emphasizing relationship-driven business fundamentals while embracing technological transformation for better beneficiary outcomes.

In This Episode:
(00:00) Introduction - Melissa Lopez, AI integration discussion
(01:56) AI benefits for allocators, productivity and operational efficiency
(05:14) Barriers to AI adoption, performance pressures and misconceptions
(08:52) Cultural mindset challenges and leadership awareness issues
(13:16) Build vs lease AI solutions, third party considerations
(18:37) Peer-to-peer communication and industry knowledge sharing
(28:02) Future AI integration timeline and relationship-driven business
(30:57) Worst pitch story, management fee focused manager

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An Asset Allocator's AI Use Cases, Implementation Strategy, and Wishlist with Mark Steed

Tuesday, August 19, 2025 • Duration 36:07

What happens when a retirement fund's AI models start outperforming human investment decisions?

In this episode of The Institutional Edge, host Angelo Calvello, CEO of Rosetta Analytics, interviews Mark Steed, Chief Investment Officer of the Arizona Public Safety Personnel Retirement System. Mark discusses his hands-on approach to implementing AI in institutional investing, focusing on two primary use cases: operational efficiency through automated document processing and enhanced decision-making via machine learning. The conversation explores practical challenges including data security, board governance, and talent requirements. Mark shares his vision for AI-powered investment workflows and explains how proper governance frameworks can encourage innovation without compromising oversight in retirement fund management.

In This Episode:
(00:00) Introduction of guest Mark Steed, AI innovation discussion
(03:02) AI use cases: operational efficiency and decision making
(09:30) Manager selection process and generative AI applications
(16:37) Building governance frameworks for AI implementation and oversight
(24:44) Key requirements: talent, data, and compute infrastructure
(29:35) Future wishlist: AI-powered investment workflow automation
(32:36) Multi-agent systems and the future of investing
(33:52) Worst investment pitch: Formula One racetrack story

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Chapters

A Framework for Fiduciary Innovation

Wednesday, August 13, 2025 • Duration 33:27

What's the biggest mistake asset managers make when implementing AI?

This week on Institutional Edge, host Angelo Calvello sits down with Peter Strikwerda, Global Head of Digitalization and Innovation at APG Asset Management. Managing €616 billion in pension assets, Peter shares APG's groundbreaking framework for implementing AI while maintaining fiduciary responsibility. He reveals how the Dutch pension giant overcomes status quo bias, manages the reality that four out of five AI experiments fail, and transitions from rule-based to principle-based governance. Peter offers practical guidance for asset owners navigating the tension between innovation imperatives and fiduciary obligations, emphasizing that AI isn't just another tool—it's transformative technology that requires strategic embedding throughout the organization.

In This Episode:
(00:00) Introduction- Peter Strikwerda and APG Asset Management
(02:09) Peter's mandate at APG and AI's role in digitalization
(05:33) Responsible experimentation: Creating structured environments within fiduciary boundaries
(15:44) Governance evolution: From rule-based to principle-based AI oversight
(22:33) Risk-adjusted innovation: Managing experimental failure rates and value assessment
(26:39) Scaling methodology: Progressive frameworks from experiments to enterprise deployment
(29:00) Framework for fiduciary innovation and guidance for peers
(31:09) Worst vendor pitches and enterprise-grade standards
Like, subscribe, and share this episode with someone who might be interested!

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge conversations on institutional investing.Peter Strikwerda:

Chapters

Trailer: Institutional Edge Podcast Launch: Angelo Calvello Partners with Pensions & Investments for AI Investment Series

Monday, August 11, 2025 • Duration 04:39

Welcome to The Institutional Edge: Real allocators. Real alpha! Host Dr. Angelo Calvello introduces his exciting new podcast partnership with Pensions & Investments, designed to cut through the noise in institutional investing. Unlike other investment podcasts filled with vendor pitches and rambling biographical stories, this series delivers focused 30-minute episodes featuring real asset owners who actually deploy capital. The first series, "AI is Transforming Institutional Investing," features conversations with innovative professionals, including Peter Strikwerda from APG and Mark Steed from the Arizona Public Safety Personnel Retirement System. Get ready for authentic insights that challenge conventional thinking and help you make smarter investment decisions.

Chapters

The Institutional Edge: Real allocators. Real alpha. – Details, episodes & analysis

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