Capital Allocators – Inside the Institutional Investment Industry Top 5 of 2025: #3: Tim Sullivan
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Dec 29, 2025 
Tim Sullivan, a pioneering executive from Yale's Investments Office, shares wisdom from nearly four decades leading private equity and venture investments. He discusses Yale's unique approach to the private markets and the advantages of top venture firms. Tim reflects on critical moments like the 1987 market crash and the dot-com era, emphasizing the importance of operational talent and deal sourcing. He warns of the challenges facing private equity's future and offers insights on institutional allocations and the evolving landscape of venture capital.
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Exceptional Alpha From Privates Is Harder Now
- Private markets will be far more efficient and competitive than in Yale's early years.
- Systematic outsized alpha from private equity is unlikely to repeat at scale going forward.
Maintain On‑The‑Ground Networks In Venture
- Spend time on the ground building networks with venture entrepreneurs and younger talent.
- Maintain information flow even if you are not at the coalface.
Ask CEOs Why They Picked A VC
- Always ask potential venture GPs why entrepreneurs choose them, not just that they had capital.
- Prefer managers whose portfolio CEOs cite specific, valuable support reasons.