Stan Miranda - Bain Meets the Yale Model at Partners Capital

Jun 26, 2023

Stan Miranda, Co-Founder and Chairman of Partners Capital, has a wealth of experience from his time at Bain and in venture capital. He delves into the unique DNA of Partners Capital and their collaboration with top clients, like private equity partners and family offices. He shares insights on the Endowment Model, energy transition challenges, and the role of strategic investment. Miranda also discusses the complexities of portfolio management and highlights the importance of clarity in family offices for successful wealth management.

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ADVICE

Use Yale Endowment Playbook

To solve private equity partners' wealth diversification issues, adopt the Yale endowment investment principles pragmatically.
Employ the endowment model as a practical 'cookbook' for long-term strategic personal investing.

ADVICE

Deep Risk Factor Analysis

Use deep risk factor analysis to understand portfolio exposures beyond traditional metrics.
This approach avoids mistaking factor risk for alpha and improves evaluation of asset manager performance.

INSIGHT

Taxes Drive Allocation Choices

Taxes heavily influence asset allocation choices especially in tax-inefficient strategies like hedge funds and private debt.
Private debt yields remain attractive even after high taxes, supporting allocation despite some default risk.

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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

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