Dakota Live! Podcast

Robert Morier

The Dakota Live! Podcast is designed for your fundraising needs. The goal of this podcast is to help you better know the people behind the investment decisions. Dakota connects investment salespeople with leading investment decision makers, ensuring you always know who to call and how to approach the markets you are targeting. Dakota Live! presents investment sales people industry and marketing expertise to make their jobs easier.

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S1 · E196
Yesterday · 1 hr
Where the Risk Hides: Tom Majewski of Eagle Point on CLOs, Private Credit, and the Next Credit Cycle
Private credit has spent the past year under a microscope. There have been questions about valuations and a growing list of allocators asking where the risk is actually hiding? In today’s episode of the Dakota Live! Podcast, Robert Morier sits down with Tom Majewski, Founder and Managing Partner of Eagle Point Credit Management, to take that question head-on. In this Episode, Rob and Tom dig into a Credit Manager's outlook for the next credit cycle. How this cycle may differ from a 2008-style shock, and how the current “slow-moving flush” may play out over years, much like commercial real estate. Tom talks about where AI will and won’t change credit investing, how he hires, and why Eagle Point invests its own capital in a strategy before offering it to clients. Eagle Point, a specialist credit manager, oversees approximately $14 billion across CLOs (Collateralized Loan Obligations), portfolio debt securities, regulatory capital relief, and other specialized areas of private credit. Tom founded the firm in 2012 in partnership with Stone Point Capital. Before that, he spent more than a decade structuring credit on the sell side, working on well over one hundred CLO transactions and relaunching the CLO business at Merrill Lynch. The conversation starts in the classroom. Tom explains what an allocator is actually buying when they own CLO equity. He describes a CLO as a better-built bank: a vehicle with long-dated, match-funded, non-mark-to-market liabilities that doesn’t depend on open capital markets to survive a drawdown. He walks through what that structure meant in 2008 and March 2020, and why loan prepayments may be the most underappreciated feature of the syndicated loan market. From there, Robert and Tom move to the strategy that has become Eagle Point’s largest: portfolio debt securities. These are senior loans to other private credit funds, built on the asset coverage framework of the Investment Company Act of 1940. Tom explains how it started as a niche personal trade and grew into an institutional business, and why sitting at the top of a fund’s capital structure looks different when headlines about middle-market lending turn negative. The episode connects directly to several of our recent conversations. Tom’s account of building Eagle Point with Stone Point’s backing adds to our GP seeding and GP stakes episodes with Taproot Capital and Rosemont. His work in middle-market infrastructure credit (small-scale solar, a hydrogen-fired backup plant for Calistoga, and a domestic battery-component manufacturer) is the lending side of the AI and power buildout we covered with EQT Infrastructure. Few people have seen this market from as many angles as Tom: as an auditor, a structurer, a banker, and now a founder and allocator of capital across the credit spectrum. Whether you’re evaluating a first CLO allocation, rethinking your private credit exposure, or trying to understand what’s behind the headlines, this episode explains how the structures underneath the market really work.
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October 28 · 1 hr 3 min
Building Private Markets Programs for RIAs with Opto Investments
In this episode of the Dakota Live! Podcast, host Robert Morier sits down in the Philadelphia studio with Matt Malone, President and Head of Investment Management at Opto Investments. From his early days as an attorney advising on alternative investments to sitting on both sides of the table at FS Investments, Matt shares how working across legal, traditional finance, and venture cultures shaped the way he evaluates investments. He also explains how Opto is working to fill the gaps RIAs face in private markets, from sourcing and due diligence to the technology and back-office support needed to run a full program. Matt offers candid insights into: •Building portfolios, not trades: why RIAs are moving from one-off private markets investments to a portfolio-first approach. •The adverse selection problem in paid distribution: why the most in-demand and niche managers often won’t pay for shelf space, and what that means for what RIAs can access. •The three S’s of due diligence (strategy, sponsor, structure) and why he tells his team, “don’t look at the deck first.” •Continuation vehicles, and why “the juice may not be worth the squeeze.” •What a well-run private markets program at an RIA looks like five years out Whether you’re building a private markets program, evaluating one, or hoping to be part of one, this conversation offers a closer look at how private markets are finding their place in private wealth portfolios.
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October 21 · 1 hr
Depth Over Breadth: Inside The Next Collective
What happens when the women just behind the industry’s senior ranks build the network they wished existed? In this special episode of the Dakota Live! Podcast, host Robert Morier heads to New York City for a roundtable with the founders of The Next Collective, a community built by and for women at the same stage of their investment careers. Joining the conversation: Jin Dingmore, Director of Investments, Baylor University Office of Investments Miriam Sanders, Director of Investor Relations, Sands Capital Katie Peykar, Partner, Torch Capital Cristina Nuñez, Co-Founder and General Partner, True Beauty Ventures One LP and three GPs share candid insights on: The gap they saw between large senior-level gatherings and the women building their careers just behind them Why the best networking isn’t transactional, and why “it’s depth over breadth” How a carefully curated gathering builds real trust Balancing career and family in your 30s and 40s, including a CIO’s reminder that “your 80% is going to be better than the average person’s 100%” Why relationships may matter even more as AI commoditizes parts of the job Whether you’re an allocator, a GP, or simply building your own network, this conversation is a reminder that the strongest connections are the ones you invest in deliberately.
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October 14 · 1 hr 1 min
Brad Mook | Rosemont's History in GP Stakes and the Move to Permanent Capital
What happens when a firm that helped pioneer minority investing in asset managers decides to step off the private equity treadmill? In this episode of Dakota Live!, Robert Morier welcomes Brad Mook, Managing Director of Investments and Finance at Rosemont Investment Group, for a conversation about the evolution of GP stakes, the economics of owning investment management businesses, and the importance of permanent capital in building sustainable firms. Founded in 2000, Rosemont was among the early specialists making minority investments in employee-owned asset management firms. After more than 30 investments across three private equity funds, the firm changed course in 2018, partnering with Markel Corporation to invest permanent capital without a required exit. As Brad explains, that decision fundamentally changed Rosemont's investment horizon and the characteristics it looks for in a partner. The conversation traces Brad's own career from sell-side equity research to manager selection at SEI Investments and ultimately to Rosemont, where he learned an important distinction: a great investment strategy doesn't necessarily make a great business. Together, Robert and Brad explore how GP staking has evolved as more capital has entered the industry, why Rosemont remains focused on minority partnerships rather than aggregation, and the challenges of preserving employee ownership across generations. They also discuss the psychology and economics of succession planning, the importance of organic growth, and why Rosemont's portfolio has evolved from traditional asset management boutiques toward wealth management and outsourced CIO businesses. Throughout the conversation, Brad returns to a central idea: successful partnerships require patience, alignment, and a willingness to put the long-term sustainability of the business ahead of the next transaction. For emerging managers, established boutiques, and institutional investors interested in the evolution of GP stakes, this episode offers a perspective from a firm that has been investing in the industry for more than two decades.
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October 7 · 44 min
The Unconventional VC: Maddi Holman of Daring Ventures
Is a traditional background in high finance, big tech, or startups required to break into venture capital? The short answer is no. Maddi Holman is living proof of that. In today’s episode of the Dakota Live! podcast, Maddi Holman, Co-Founder of Daring Ventures and host of the Let’s Be Heard podcast, sits down with Robert Morier to discuss her unique entrance into venture capital. Daring Ventures is an NYC-based venture capital firm focused on pre-seed investing in B2B vertical SaaS and applied AI solutions. Founded in 2024 by Maddi Holman and Joseph Alalou, Daring Ventures is steered by the non-traditional paths both founders took prior to venture capital. The firm seeks out founders who take the hard route, become experts of their sector and products, and build themselves in the trenches. Robert Morier kicks off the conversation by diving into Maddi Holman’s unique background and how that’s led to success in venture capital - highlighting how beneficial a fresh perspective is in an industry that can be proliferated with monotonous “stories.” The conversation then hones in on different challenges in venture capital that revolve around one central question - what’s real and what’s not? When it comes to the founders, this is a pertinent question that venture capital firms must answer. Maddi discusses how Daring Ventures approaches this and deciphers which founders have a substantive product, have an expert understanding of their customers, have a market that can be penetrated, and have the characteristics and soft skills required to thrive in their market. Different challenges facing venture capitalists - sourcing companies, thorough evaluation, saying no, what limited partners are looking for, and the future of a venture capital firm - are explored in this episode of the Dakota Live! podcast as well. Maddi Holman also shares experiences with hosting the Let’s Be Heard podcast - a podcast focused on women’s health. Whether you’re trying to break into venture capital or are a seasoned general partner at a firm, this episode offers a unique look into how a venture capital firm operates in the modern investment landscape.
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September 30 · 1 hr 13 min
The Discipline of No: Chip Caravati and Chris Dion of Brockenbrough
What does it take to earn a place in a portfolio when the default answer is no? For Chip Caravati and Chris Dion of Brockenbrough, selectivity is not simply a feature of manager research. It shapes the way the firm allocates capital, builds portfolios, chooses partners, and thinks about its own business. In this episode of Dakota Live!, Chip, Brockenbrough’s Chief Investment Officer, and Chris, Co-Chief Investment Officer for Institutional Investments, join Robert Morier for a wide-ranging conversation about how a deliberately small investment team makes decisions across public and private markets. The discussion begins with Brockenbrough itself: an independent Richmond investment firm whose roots date to 1970 and whose business today spans private wealth management and a discretionary OCIO platform. Chip reflects on more than three decades at the firm, while Chris discusses the lessons he carried from the University of Richmond endowment into the allocator seat. From there, the conversation gets inside the investment room. Chip and Chris explain why nearly every prospective investment begins as a “no,” how a manager demonstrates a durable right to win, and why relatively few new strategies ultimately make it into the portfolio. The result is a highly curated manager roster—but one in which relationships can endure for years once conviction has been established. They also explore an increasingly important question for allocators: where should the next dollar actually go? Rather than forcing capital into predetermined asset-class buckets, Brockenbrough compares opportunities across the portfolio—including public versus private expressions of the same investment theme—and asks managers and strategies to compete for capital. The conversation moves into lower-middle-market private equity, where Chris explains why Brockenbrough has spent years developing its network and manager-selection capabilities around smaller and earlier funds, and why manager selection can become particularly consequential in that part of the market. Chip and Chris also discuss concentration, succession, independence, the role of relationships in sourcing ideas, and how a boutique investment organization can compete in an industry increasingly defined by scale. It is a conversation about investing, but also about restraint: knowing what you own, knowing what you are looking for, and being willing to wait until something is good enough to change your mind.
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September 23 · 54 min
Inside Private Real Estate: How Hamilton Lane Evaluates Managers with Liz Bell
What does it actually take for a private real estate manager to earn an institutional allocation? In this episode of the Dakota Live Podcast, host Robert Morier sits down with Liz Bell, Managing Director and Co-Head of Real Estate at Hamilton Lane, for an inside look at how institutional investors evaluate real estate managers, underwrite opportunities, manage risk, and make investment decisions. Liz takes us behind the investment committee doors and into the manager due diligence process—from the first pitch and track-record analysis to on-site meetings, RFPs, portfolio construction, and the final IC debate. And in today's private real estate market, the manager matters more than ever. Liz explains why Hamilton Lane increasingly looks for specialized operators with deep sector expertise, how humility and team dynamics can reveal what isn't in a pitch deck, and why understanding how a manager behaves when an investment goes wrong can be just as important as studying the investments that went right. The conversation also explores some of the biggest themes reshaping private real estate today, including AI data centers, multifamily, industrial real estate, Europe and Canada, real estate secondaries, semi-liquid structures, and the continued democratization of private markets. Robert and Liz discuss: • How institutional investors evaluate private real estate managers • What Hamilton Lane looks for in a first manager meeting • How track records are analyzed—and where the numbers don't tell the whole story • Why specialized real estate operators are increasingly attractive • The difference between underwriting primary funds, co-investments, secondaries, and other deals • How Hamilton Lane thinks about AI data centers and technology risk • Opportunities in European and Canadian real estate Liz also shares lessons from her career and explains how experiences in emerging markets shaped the way she thinks about partners, governance, liquidity, downside protection, and trust. For investment managers raising institutional capital, students pursuing careers in private markets, and allocators interested in how manager selection actually works. This episode offers a rare look inside the institutional underwriting process.
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September 16 · 1 hr 5 min
Inside the AI Infrastructure Super Cycle with EQT Infrastructure CEO Erwin Thompson
Erwin Thompson, CEO of EQT Infrastructure Company (EQIC) and 17-year EQT veteran, joins Robert Morier on Dakota Live! to break down the AI data center and power build-out, a capital expenditure wave that hyperscalers are expected to push past $4–5 trillion by 2030. Erwin explains why the U.S. is adding an estimated 15–20 gigawatts of data center demand a year against a fraction of that in new supply, why hyperscalers are now on pace to outspend the U.S. Department of Defense, and how EQT, the first infrastructure investor in data centers with EdgeConneX, is positioning across digital, energy, and environmental services. He also shares how to tell real, demand-resilient infrastructure from companies "dressed up" as infrastructure, why creativity is the job in private equity, and what the rise of evergreen vehicles means for private wealth investors looking to build a 5–20% infrastructure allocation. In this episode: – From Brooklyn to Bloomberg engineering to BlackRock, UBS, and EQT – How infrastructure investing evolved from privatizations to growth-focused operating companies – Core, core-plus, and value-add infrastructure explained – Infrastructure as an inflation hedge and where it fits between credit, real estate, and PE – The AI CapEx boom, grid capacity, and the data center power gap – Community pushback, water, and sustainability in AI data centers Whether you're an allocator sizing an infrastructure sleeve, a fundraiser positioning a strategy, or an advisor fielding questions about how to get real exposure to AI beyond public tech names, this conversation lands at a pivotal moment. Capital is flooding toward data centers and power; access is widening through evergreen vehicles, and the gap between essential, contracted infrastructure and momentum plays is getting harder to see. Erwin offers a grounded view from one of the firms that got there first, and a framework for separating durable cash flows from a hot trend before you commit capital.
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September 9 · 1 hr 4 min
Trevor Graham on Becoming Co-CIO at TIFF
Most CIO conversations happen years after a transition is finished, or years before one starts. This one happens in the middle of it. Trevor Graham was named Co-Chief Investment Officer of TIFF Investment Management in 2026 as part of a planned leadership transition alongside longtime CIO Jay Willoughby. In this episode, he walks Robert Morier through a succession plan as it unfolds in real time: why a lengthy handoff is a gift rather than a formality, what he's borrowed from watching GP succession plans succeed and fail across 15+ years of manager selection, why the goal is to keep the first principles and not "run the playbook robotically," and how the transition is creating growth opportunities for the next layer of the team, including Brad Calder, his direct report of more than a decade. TIFF was founded in 1991 by leaders at the MacArthur and Rockefeller Foundations to give nonprofits below the scale of Harvard, Yale, and Princeton a fighting chance at endowment-style investing. Today the employee-owned OCIO is organized as a public benefit company and certified B Corp, and is guided by an advisory board made up largely of sitting CIOs from major endowments and foundations. Trevor explains how that board works as a sourcing network, a self-sourced reference check, and a strategic sounding board, including on the succession itself. From there, the conversation gets into how TIFF actually does the work: The three-part screen that eliminates 99% of inbound managers: a persistent competitive advantage in the investment engine, real alignment of interests, and strategic value to the portfolio (a true diversifier or an upgrade), and why Trevor refuses to be a "collector of managers" Why "no such thing as too early": TIFF has no minimum AUM or three-year track record rule and will invest with managers on day one, and how it gets paid for that business risk Why "too big" is the more common problem, and the three reasons TIFF terminates a manager Evaluating people by what they do, not what they say: fund terms, fees relative to realistic gross excess return, and liquidity provisions as character evidence The two numbers that matter most in portfolio construction (equity exposure and illiquidity percentage), and why stated preferences differ from revealed preferences when markets fall Why Trevor, once the investment committee's biggest hedge fund skeptic, changed his mind, and how TIFF caps the hedge fund book's equity beta at roughly 0.25 to 0.30 Where TIFF sits on GP stakes and seeding, and why third-party ownership complicates alignment The AI capex boom through the lens of the dot-com era: who captures the margin, the Coke-vs-Pepsi problem with large language models, and a project that would have taken 1,000 human hours done in five Generalists vs. specialists on an investment team, and why low turnover changes how people disagree with the boss Whether you're an allocator thinking about your own succession plan, an asset manager wondering what an OCIO's diligence process really looks like, or a student trying to understand the endowment model from the inside, this episode is a rare look behind the curtain. Disclaimer: Trevor Graham is the Co-Chief Investment Officer at TIFF Investment Management. All views expressed by him on this podcast are solely his opinions and do not reflect the opinions of TIFF. You should not treat any opinions expressed by Trevor as a specific endorsement to make a particular investment. References to any securities are for informational purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Any past performance discussed is not indicative of future results. Please keep in mind that investment in a fund entails a high degree of risk, including the risk of loss. Please note that the ads featured in this podcast are not endorsed by TIFF, and TIFF is not a sponsor of these ads. TIFF assets under management (AUM) is as of 4/1/26 and includes discretionary and non-discretionary client assets for which TIFF affiliates provide investment management or advisory services. The private markets portion of TIFF AUM is calculated based upon fund net asset value plus unfunded commitments. Calculation of TIFF AUM differs from the calculation of regulatory assets under management in TIFF’s Form ADV filings with the SEC and may differ from the AUM calculation methodologies used by other investment managers. This podcast is for informational purposes only and should not be construed as legal, business, tax, or investment advice, nor should it be used to evaluate any investment or security. It is not directed at, or intended for, any current or prospective investor in any investment vehicle sponsored by TIFF. Investing involves risk, including the potential loss of capital. The views and opinions expressed herein are those of TIFF as of the date hereof and are subject to change based on prevailing market and economic conditions. References to specific companies are for illustrative and educational purposes only and do not represent an endorsement or investment recommendation.
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September 2 · 1 hr 4 min
GP Seeding Explained: How Taproot Capital Backs First-Time PE Funds | Eric Zoller
GP seeding is one of the least understood corners of private equity — and one of the fastest growing. In this episode of Dakota Live, Robert Morier sits down with Eric Zoller, Co-Founder and CEO of Taproot Capital, to break down how first-time funds and spin-out managers actually get launched, capitalized, and raised. Eric founded SixPoint Partners in 2007, built it into one of the largest independent fund placement advisors in the middle market, sold it to PNC in 2019, and led private capital advisory at Harris Williams before launching Taproot in 2025. He explains the difference between GP seeding, GP stakes, and anchoring, why emerging managers are becoming their own asset class, and what LPs are really underwriting when they back a first-time fund. WHAT YOU'LL LEARN: GP seeding vs. GP stakes vs. anchoring — and why LPs confuse them Why emerging managers and first-time funds outperform, and how LPs get exposure How to diligence a spin-out manager's track record and deal attribution Why DPI is holding back otherwise fundable managers right now The four-stage fundraise: foundational close, first close, follow-on, final close What's driving spin-out activity: continuation vehicles, consolidation, and stalled carry Building the front, middle, and back office of a new PE firm in 60 days ABOUT ERIC ZOLLER: Eric Zoller is Co-Founder and CEO of Taproot Capital, an alternative asset manager launched in 2025 to seed first-time funds and partner with emerging private equity firms. He previously founded SixPoint Partners and served as Managing Director and Head of Private Capital Advisory at Harris Williams. He began his career as an attorney at White & Case and as an investment banker at Merrill Lynch. He holds a BA in History and a JD from the University of Pennsylvania. Learn more about Taproot Capital: https://www.taprootcap.com ABOUT DAKOTA: Dakota Live introduces you to the people behind investment decisions — chief investment officers, manager research professionals, and industry leaders — to help you sell in between the lines and better understand the investment sales ecosystem.
August 26 · 1 hr 10 min
Governance Over Everything: Inside the CIO Seat (WVU Live)
What does it look like to sit in the CIO seat? This episode of Dakota Live was recorded on campus at West Virginia University, bringing students directly into the room with institutional investors responsible for billions in capital. Rob Morier sits down with: • Jim Bethea, CIO of the WVU Foundation • Craig Slaughter, CIO of the West Virginia Investment Management Board • Josh Hall, Dean of the WVU Business School This is not a surface-level discussion. It’s a behind-the-scenes look at how portfolios are actually built—and what matters far more than most people think. We cover: • How endowments and pensions allocate capital • The real role of governance in investment outcomes • How CIOs evaluate managers (and why it’s not a pure science) • Private markets vs public markets today • Active vs passive: where the opportunity may be shifting • What students and young professionals need to know to break into investing One of the biggest takeaways: Most CIOs don’t spend their time talking about managers. They talk about governance, process, and decision-making. If you’re an allocator, asset manager, or student trying to understand how institutional investing actually works—this episode is for you.
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August 19 · 1 hr 24 min
On the Road in Waco, Texas | Inside Baylor University with CIOs, Allocators & Students
In this special On the Road episode, we travel to Baylor University in Waco, Texas, to record a live, on-campus conversation with some of the most thoughtful allocators and investment leaders in the institutional investment world. Hosted from Baylor’s campus, this episode brings together endowment leadership, OCIOs, asset managers, and students for a wide-ranging discussion on long-term investing, manager research, risk, character, and relationship-driven decision-making—the things that actually matter when capital is on the line. Joining the conversation: • Dave Morehead, Chief Investment Officer, Baylor University • Renee Hanna, Managing Director of Investments, Baylor University • Chris Dion, Co-Chief Investment Officer, Brockenbrough • Michael Holmberg, Senior Portfolio Manager, Neuberger Berman Together, they explore how real investment decisions are made—not in theory, but in practice. What this episode covers • How institutional investors think about risk, conviction, and portfolio construction • Why relationships and trust are competitive advantages in manager selection • The role of character in underwriting GPs, OCIOs, and long-term partners • Emerging managers vs. scale managers: where alpha really comes from • Why Baylor has avoided private credit—and what that says about discipline • How allocators collaborate with one another while still competing • What “wearing risk” actually means inside an investment office • Advice for students entering asset management, investing, and finance careers The episode opens with personal travel stories—missed flights, first road trips, international misadventures—that set the tone for a broader theme: learning happens on the road, through experience, mistakes, and shared perspective. From there, the conversation moves deep into the realities of endowment management, OCIO partnerships, and strategic alignment between LPs and GPs. This recording is also part of an experiential learning initiative that brought Drexel University students to Baylor through a competitive writing contest, giving them firsthand exposure to institutional investing, allocator thinking, and professional dialogue in action. If you’re interested in: • Institutional investing • Endowments and foundations • Manager research and due diligence • OCIO models • Private markets and portfolio construction • Teaching finance through real-world experience …this episode offers a rare, candid look inside how thoughtful investors think, collaborate, and lead. Recorded live at Baylor University | Waco, Texas. Part of the On the Road series.
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August 12 · 49 min
Client Service as Strategy: Verger Capital’s OCIO Approach
In this special episode of the Dakota Live! Podcast, host Robert Morier takes the show back on the road to Winston-Salem, North Carolina, where he sits down with Jim Dunn, Chief Executive Officer of Verger Capital Management. From his beginnings as a first-generation college graduate and collegiate soccer goalie to leading one of the most respected OCIO firms in the country, Jim shares how formative experiences in athletics, lifeguarding, and family life shaped his views on risk, leadership, and client service. Jim offers candid insights into: • How Verger’s client-first service model differentiates it in a crowded OCIO marketplace. • The evolution of the OCIO landscape, from investment performance to operational excellence and governance. • The risks of private credit: “When we look at these private credit portfolios, a lot of them have high PIK rates… when there’s distress, that becomes equity. Your correlations go to one. And then what are you going to do?” Actionable takeaway: stress test exposures, as today’s yield can quickly morph into equity-like risk in downturns. • Why the move of private equity into 401(k) portfolios will likely lower return expectations and reshape how the asset class is accessed. • How allocators evaluate venture capital and emerging managers, not just on investment edge but on the durability of their business model across Fund I, II, and III. • Why saying “yes” to uncomfortable opportunities can open the door to leadership. Recorded in Verger’s Winston-Salem offices with Wake Forest University as our backdrop, this episode feels like a “back-to-school” conversation, reminding us that leadership and stewardship are learned through discipline, service, and the willingness to listen.
August 5 · 1 hr 8 min
Why Great Investors Fail to Raise Capital | Jason Howard Explains "Fundability"
Every allocator says they're looking for great investors. Jason Howard argues they're actually looking for something else. In this conversation, the founder of New Catalyst Strategic Partners introduces an idea that deserves far more attention in institutional investing: fundability. Some investors generate exceptional returns but never build enduring firms. Others create organizations that attract capital for decades. The difference isn't always the track record. It's the ability to build trust, communicate a vision, develop a culture, and convince institutional investors that what you're building will outlast you. Jason's perspective comes from years spent backing emerging private equity managers, but the lessons extend well beyond GP seeding. Drawing on experiences at GCM Grosvenor, Goldman Sachs, Disney, and now New Catalyst, he explains why the best investment firms resemble great film productions more than they resemble lone geniuses. Producers assemble talent. They create alignment. They help others become successful. We discuss: • Why investment skill and fundability are two different things • What LPs are really underwriting in first-time funds • GP seeding, GP acceleration and strategic capital • Why distribution remains one of the industry's greatest competitive advantages • Building firms that survive long after their founders • Culture, leadership, resilience and trust in private markets If you've ever wondered why one emerging manager raises billions while another with an equally impressive track record struggles to get a first close, this conversation offers a compelling answer.
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July 29 · 57 min
Private Markets, Fund of Funds & the Future of Wealth Management with Samir Kaji of Allocate
Private markets are moving deeper into wealth management. But access is only part of the equation. The harder questions are: Which managers should you invest with? How should you construct a private markets portfolio? And when does a fund of funds actually justify another layer of fees? On this episode of Dakota Live!, Robert Morier sits down with Samir Kaji, Co-Founder and CEO of Allocate, to discuss the rapidly changing intersection of private markets, wealth management, manager selection, and technology. Samir has spent more than 25 years in and around private markets. Before founding Allocate, he spent nearly 22 years in venture banking at Silicon Valley Bank and First Republic Bank, working with hundreds of venture capital and private equity firms. Today, Allocate serves roughly 400 wealth advisory firms and has approximately $5 billion of assets on its platform. Our conversation gets directly into an issue facing RIAs, wealth managers, family offices, and private markets allocators: as more capital moves into alternatives, access alone isn't enough. We discuss why Samir believes manager selection matters so much in private equity and venture capital; why track record can become a trap in due diligence; and how Allocate evaluates emerging managers, spinouts, established firms, and the people actually making the investment decisions. We also spend time on fund of funds. Samir makes a compelling case for where the structure can still work: when it saves an investor from making 20 separate allocation decisions, simplifies administration, and provides access to managers or companies an investor would have difficulty accessing independently. In highly dispersed asset classes, that access and manager selection can potentially justify the additional layer of fees. We also discuss: • Private markets and the growth of the wealth management channel • Fund of funds and private markets portfolio construction • Emerging managers versus established private equity and venture capital firms • Why track record is only the beginning of manager due diligence • GP staking and GP seeding • Co-investments and creative fund structures • Private markets liquidity and the growth of secondaries • AI and technology in private markets • Why storytelling matters when raising a fund • Why Samir looks for “high agency, low ego” when building a team Whether you are an allocator evaluating private equity and venture capital managers, an RIA building a private markets program, an emerging manager raising a fund, or simply trying to understand where wealth management and alternatives are heading, there is a lot here.
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July 22 · 1 hr
BNY's $175B CIO Chris Vella on AI, Manager Selection & the Future of Investing
Few investment leaders have spent more than three decades selecting, evaluating, and overseeing the world's best investment managers. Even fewer have done it while leading one of the industry's largest multi-asset investment platforms. In this special episode of dakota live!, Robert Morier sits down with Chris Vella, Managing Director and Chief Investment Officer of BNY Advisors, who oversees an investment organization responsible for more than $175 billion in client assets across institutional investors, RIAs, wealth managers, family offices, and intermediaries worldwide. Chris rarely appears on podcasts, making this an uncommon opportunity to hear directly from one of the industry's most respected allocator voices. Chris shares how BNY approaches manager research, portfolio construction, asset allocation, and private markets—and why the future of investing will be shaped as much by artificial intelligence as by traditional investment skill. Topics include: How BNY evaluates nearly 900 investment strategies and builds its high-conviction manager list What separates exceptional asset managers from average ones Why consistency often matters more than brilliance The future of OCIO, manager research, and institutional due diligence AI's impact on investment research, operations, and portfolio management Active ETFs, model portfolios, and the evolution of wealth management Democratizing private markets while managing liquidity risk Building investment organizations that scale without sacrificing research quality Whether you're an asset manager, allocator, investment consultant, family office, RIA, institutional investor, or finance student, this conversation offers a rare look inside the investment philosophy of one of the industry's leading CIOs. If you enjoy conversations with the people behind investment decisions, subscribe for weekly interviews with CIOs, manager research leaders, consultants, endowments, foundations, pensions, family offices, and the investors shaping global capital markets.
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July 15 · 1 hr 2 min
How Elite RIAs Evaluate Private Markets | Dhruv Maniktala, CIO of True North Advisors
The lines between institutional investing and wealth management are disappearing. In this episode of Dakota Live, Robert Morier sits down with Dhruv Maniktala, CFA, Chief Investment Officer and Partner at True North Advisors and CIO of Western Alternative Strategies, to discuss how a nearly $6 billion wealth management platform evaluates private markets, constructs institutional-quality portfolios, and sources differentiated investment opportunities. For asset managers, consultants, RIAs, family offices, endowments, and institutional allocators, this conversation provides a rare behind-the-scenes look at how one investment committee evaluates managers across private equity, private credit, venture capital, hedge funds, infrastructure, and real assets. Among the topics discussed: How institutional due diligence differs from traditional RIA manager selection Evaluating more than 1,500 managers annually to identify only a handful of investments Building an institutional private markets platform inside a wealth management firm Private equity, private credit, venture capital, infrastructure, real estate, and hedge fund allocation Why liquidity management matters more than most investors realize The growing convergence between institutional allocators and sophisticated RIAs GP seeding, GP stakes, co-investments, and negotiated fee structures How AI is changing investment research—and where human judgment still creates alpha Why emotional intelligence, humility, and process matter in manager selection Dhruv also shares thoughtful perspectives on private market access, investment committee decision-making, governance, behavioral finance, and why many private wealth solutions simply repackage institutional products without adapting them for taxable, high-net-worth investors. Whether you're an asset manager raising capital, an allocator evaluating managers, or an RIA building a modern alternatives platform, this episode offers valuable insights into how sophisticated investment organizations think about manager research and portfolio construction.
S1 · E179
July 8 · 1 hr 13 min
From Spanish Teacher to $18B OCIO CEO | Tim Yates, Commonfund OCIO
On this episode of Dakota Live!, host Robert Morier sits down with Tim Yates, President & CEO of Commonfund OCIO, whose path to leading an $18 billion investment platform is anything but typical — he started out teaching Spanish and Italian at Fordham Prep in the Bronx. Tim shares how a rotational analyst role pulled him into private equity, what emerging markets investing in Latin America taught him about risk and currency, and how the 2003 market dislocation gave birth to Commonfund's OCIO business. He and Robert dig into how endowments and foundations actually think about return objectives, risk budgeting, and illiquidity, why Commonfund backs specialist managers over sprawling firms, and what the NACUBO-Commonfund Study of Endowments reveals about how nonprofits invest. They close on private credit, talent and culture, and managing portfolios in a "VUCA" world. Commonfund was founded in 1971 with a grant from the Ford Foundation as a mission-driven nonprofit built to serve nonprofits. Commonfund OCIO focuses exclusively on the nonprofit world and oversees more than $18 billion (as of 3/31/26) on behalf of foundations, endowments, and other mission-driven organizations.
July 1 · 1 hr 3 min
Operational Alpha in Private Markets: Manager Research, GP Staking & Succession Planning with Chris Brimsek
On this episode of Dakota Live!, Robert Morier sits down with Chris Brimsek, Founder and Managing Partner of CAB Advisory, for a deep discussion on one of the most important—and underexplored—topics in private markets: how great investment firms are built. Chris advises founders and senior leadership teams across private equity, venture capital, real estate, infrastructure, private credit, and GP solutions. His work focuses on the organizational, strategic, and human capital questions that often determine whether a firm can scale, attract talent, retain LP trust, and sustain long-term success. This conversation goes beyond traditional manager research and due diligence. Instead of focusing solely on performance, Robert and Chris unpack what allocators, CIOs, and GP staking firms should really be evaluating beneath the surface. Key themes include operational alpha, GP seeding and staking, succession planning, team development, and the future of fundraising in alternatives. Chris shares why the best firms are focused on making investors, not just making investments, and why this mindset increasingly separates enduring franchises from firms that struggle to scale. Topics include: • Why operational alpha matters more than ever in private markets • How LPs should evaluate manager quality beyond track record • What allocators miss in manager research and due diligence • The evolution of GP seeding and GP staking as an asset class • Key underwriting questions minority investors should ask GPs • Succession planning and leadership transitions inside investment firms • Why private equity is still underinvested in talent development • Lessons private markets can borrow from professional sports teams • Delegation, decision-making, and building next-generation leadership • The future of fundraising across institutional and wealth channels • Emerging trends in private markets, alternative investments, and GP growth strategies Chris also shares insights from his experience at The Carlyle Group, where he worked closely with senior leadership and helped oversee large-scale investment platforms, giving him a unique perspective on how top-performing firms evolve from successful partnerships into scalable businesses. For allocators, asset managers, placement professionals, and anyone involved in manager selection, this episode offers a rare look at the hidden drivers of long-term firm success. If you work in private equity, venture capital, hedge funds, institutional investing, or alternatives, this conversation is essential listening.
S1 · E177
June 24 · 56 min
Inside Modern Wealth Management: How Top RIAs Build Portfolios, Select Managers & Manage Risk
The RIA landscape is changing fast. Today’s top wealth advisors are doing far more than traditional portfolio management. They’re acting as investment committees, tax strategists, coaches, and long-term partners helping families navigate increasingly complex financial decisions. In this episode of dakota, we sit down with Fulcrum Capital’s Kathryn Fisher, Chief Wealth Strategist, and Hans Krippaehne, Director of Investments, to explore how modern RIAs are evolving to meet that challenge. We discuss how Fulcrum integrates holistic wealth planning with institutional-quality investment management—bringing together portfolio construction, manager selection, due diligence, tax efficiency, liquidity planning, estate strategy, and long-term family stewardship. Topics include: • How the RIA model has evolved from traditional brokerage to fully independent fiduciary advice • Why manager research and due diligence matter more than ever in today’s investment environment • How RIAs evaluate active managers across mutual funds, ETFs, and private market strategies • The growing role of tax-efficient portfolio construction and asset location • Managing liquidity needs while increasing exposure to private markets • How advisors balance long-term discipline against near-term market narratives like AI, private credit, and thematic investing • Why transparency and investor education remain central to client trust • The future of active ETFs and what they mean for wealth advisors Hans shares how Fulcrum approaches underwriting external managers, building portfolios with fewer but higher-conviction allocations, and maintaining discipline in an increasingly crowded investment landscape. Kathryn explains how true wealth management extends beyond investments—covering tax planning, estate considerations, philanthropy, and multi-generational decision-making. And in one of the most memorable moments of the episode, the conversation becomes personal. Joining us as student co-host is Drexel University student Carter Garrison—who also happens to be Kathryn’s son. What begins as a deep conversation about portfolio construction and investment due diligence ends with something even more important: a discussion about family, financial habits, and the lessons parents hope to pass on to the next generation. Because at its core, wealth management isn’t just about growing capital. It’s about building trust, preserving optionality, and creating a legacy that lasts beyond markets.

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