E86: Investing $20+ Billion for Nonprofit Institutions - Michael Miller

Michael Miller, CIO at Crewcial Partners, sits down with David Weisburd to discuss how nonprofit institutions invest, how they think about portfolio construction, and how they manage liquidity.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter:

@dweisburd (David Weisburd)

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LinkedIn:

Michael Miller: https://www.linkedin.com/in/becrewcial/

Crewcial Partners: https://www.linkedin.com/company/crewcial/

David Weisburd: https://www.linkedin.com/in/dweisburd/ 

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LINKS: 

Crewcial Partners: https://www.crewcialpartners.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode preview

(1:14) Overview of Crewcial Partners

(2:18) Portfolio breakdown across private assets

(3:23) Investing in asset classes when they’re out of favor

(4:41) Managing portfolio liquidity

(6:42) Optimization of private and public equity exposure

(7:33) Role of fixed income in the portfolio

(8:44) Diversification strategies of top LPs

(10:00) Investing discretionary and nondiscretionary assets

(11:12) Embracing inefficiency

(13:25) Securing GP allocations

(15:22) Manager selection

(17:27) Understanding LP psychology and priorities

(19:01) Political activism in VC

(22:25) Fund distributions and liquidity

(24:44) Investment committee dynamics at nonprofits

(27:20) Follow & subscribe to the 10X Capital Podcast

(27:41) Managing fund investment concentration risks

(30:07) Pros & cons of spinouts

(31:59) Advantages to investing in funds early

(34:45) The importance of non-conformity for high returns

(35:55) Closing thoughts