The RIA Playbook for Privates: Vintages, Managers, and Model Portfolios

Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale.

In this episode, Samir Kaji sits down with Eric Patterson, Co-Founder and Managing Partner of Three Bell Capital, to unpack how a modern RIA can systematically build and scale private markets exposure. They cover Three Bell’s evolution from ad hoc, deal-by-deal alternatives to running proprietary fund-of-funds across venture, private equity, credit, and hedge funds; the tradeoffs between client choice and institutional portfolio construction; and the real economics and stigma around fund-of-funds. The conversation also explores today’s opportunity set in venture, PE, and private credit, the role of interval and semi-liquid structures, and how AI is beginning to transform both operations and investment decision-making in wealth management.

Eric Patterson is Co-Founder and Managing Partner of Three Bell Capital, a multi-family office serving entrepreneurs, executives, and investors, particularly within the technology community. With decades of experience in wealth management and private markets, Eric has helped grow Three Bell to oversee more than $3 billion in client assets. He is known for his expertise in portfolio construction, private investments, and building long-term, client-aligned investment strategies.

Three Bell Capital is a boutique multi-family office providing comprehensive wealth management and investment advisory services to high-net-worth families. The firm specializes in serving entrepreneurs and tech-focused clients, offering customized portfolio construction with a strong emphasis on private markets. With over $3 billion in assets under advisement, Three Bell has built a reputation for disciplined investing, client alignment, and a thoughtful, long-term approach to wealth creation.

Topics in this conversation include:

* Eric’s Background And Three Bell Capital’s Focus (2:21)

* Shift From Deal-by-Deal Investing to Proprietary Fund of Funds (4:17)

* Diversification Math and Limits of Client Manager Choice (5:13)

* Operational Challenges and Benefits of Running Fund of Funds (7:16)

* Client Concerns About Fees and Three Bell’s No Extra Layer Model (10:58)

* Vintage Design, Fund Lineup, and Matching Durations to Underlying Assets (15:58)

* Advice to RIAs Building Private Markets Programs (17:21)

* Preference for Smaller Private Equity Funds and Exit Optionality (23:42)

* Venture Capital Dynamics, Mega Funds, and Tail Outcomes (25:11)

* Credit Market, Interval Fund Redemptions, and Liquidity Provisions (34:27)

* Role Of AI in Operations, Data Management, and Underwriting (40:45)

* Limits Of AI and Ongoing Importance of Human Judgment (43:38)

* Final Thoughts and Takeaways (45:39)

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