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Ventures in Asset Management

昨天,我反映了新风险投资车辆的需求,以更好地对准资产经理和资产业主之间的利益。今天,我看一个新兴的经理计划,看看它是否可以帮助提供这些新车......

昨天我反映了需要对于新的风险投资车辆,在资产经理和资产所有者之间更好地对齐利益。然后我堆积了一堆赞美关于惠康信托对于拥有勇气(和能力)来种子只是这样的车辆,并为其他可能考虑类似政策的其他机构投资者提供一个精彩的榜样。亚博赞助欧冠

然而,今天,我已经回到了地球(至少暂时)。

鉴于投资业务中的代理问题看似广泛的性质,您认为机构投资者将经常种子管理者或至少返回追溯资金,以更好地匹配LPS与GPS的需求。亚博赞助欧冠但你错了。大多数养老金和主权资金受到他们的监管,治理甚至管理层的限制,即他们可以在给定的资产类别中做出什么。赢得一个新的授权经常要求经理跳过似乎明确设计的各种篮球,以明确地设计,以保持新的资金,(例如,关于性能和跟踪记录的公司规则)。因此,真相是对种子新经理的制度投资者来说是非常挑战的......就像新的资产管理人员那样挑战,以确保来自亚博赞助欧冠机构投资者的基石承诺。

因此,财务制度领域为已建立的参与者提供了一个令人瞩目的参赛障碍。这不好。

这就是为什么我继续成为新兴经理(EM)计划的粉丝。一世分享David Swensen的观点最好的资产管理人员往往是小,创业和独立的,我认为这些EM政策提供了一种非常有用的方法,可以帮助将这些资产经理带到市场上。正如我之前所说的那样,这些新兴经理计划往往会在主流融资专业人士(即白色家伙)中获得一个糟糕的说唱,用于肯定行动计划或向少数群体讲义。But I don’t see it that way... the real point of these programs is to disrupt the cozy, and I’d go so far as to say unfairly biased, treatment that large asset managers receive from pension funds due to the latter’s governance and institutional deficiencies. If done right, a good EM program should look and feel like 'venture capital of asset management'. And the performance on a risk-adjusted basis should be solid.

无论如何,正如我所说,昨天的发布后,赞美惠康信托对其常绿VC业务的种子。但对于今天的帖子,我以为我会回到EM计划的教父:卡波斯。作为私募股权国际最近指出了“没有单一机构对新兴经理分部的增长是加利福尼亚州公共雇员的退休制度的增长。”因此,我想将您的注意力引导到最近由描述其EM政策的Calpers发布的新报告:“新兴经理五年计划:未来的途径”. Here are a few blurbs worth reading:

“加州公务员退休基金有遗留的领导和创新in emerging manager investment strategies. We have been investing with emerging managers directly and through fund of funds for over 20 years. We are proud to support the Toigo Foundation and the Altura Emerging Manager Data Base. With our new total fund approach coordinating emerging manager program reporting through the newly created Targeted Investment Programs, we are continuing our commitment to engage with the emerging manager stakeholder community, strengthen relationships with emerging managers and improve implementation of emerging manager investment strategies

Our objective for investing in EM programs is to generate appropriate risk adjusted investment returns by identifying early stage funds with strong potential for success; accessing unique investment opportunities that may otherwise be overlooked; and cultivating the next generation of external portfolio management talent. The ultimate measure of success for our EM programs is investment performance against benchmark, and to date, performance against this metric has been mixed.”

我不会经历整个报告;你可以下载并阅读它。但我会提到这个五年的计划看起来很稳固。因为卡波斯说,“这个五年的计划代表了卡伯勒识别资源的重大承诺来识别来源,制定与新兴管理人员的能力和沟通。”确实。我认为这对卡波人和金融服务的好处更普遍。为什么?

因为这是通过这种程序,我们希望获得创新的车辆和结构LPS需要将更多资本分配给所有重要的资产类别,如风险投资和基础设施等所有重要资产课程。