Capital Allocators – Inside the Institutional Investment Industry

Bobby Jain, CEO and CIO of Jain Global and former Co-CIO of Millennium, built his career in prop trading, derivatives, and asset management. He discusses launching a multi-strategy firm from first principles. The conversation covers firm design, talent and risk management, capital allocation, collaboration culture, and opportunities across markets in a modern trading landscape.

A deep look at why private equity holding periods are lengthening and what that means for capital recycling. A supply and demand view explains an exit bottleneck with too few IPOs and strategic buyers. Discussion of the massive stock of unsold companies and how that could force structural shifts like more secondaries and fund redesigns.

Stephen Gilmore, CalPERS Chief Investment Officer and former sovereign fund CIO, discusses the Total Portfolio Approach and how it reshapes portfolio construction. He explains moving from siloed asset targets to a reference portfolio, risk-equivalent comparisons across assets, funding new investments by selling combinations of equities and bonds, governance shifts, data and systems needs, and how scale shapes active risk and manager access.

Matt Whineray, CEO of the New Zealand Superannuation Fund and long‑time leader shaping NZ$42B of public savings. He discusses the fund’s creation and mandate. He outlines the reference portfolio, risk budgeting across five risk baskets, and how internal vs external management decisions are made. He also covers scaling, ESG integration, and the fund’s culture and values.

Raphael Arndt, CIO of Australia’s Future Fund and former engineer turned infrastructure investor. He discusses building a one-team, one-portfolio approach. Short-term nimbleness vs long-term optionality. How the Fund separates beta, factors and true skill across public and private markets. Designing co-investments, venture exposure and fee structures to pay only for real value.

Brendan O'Connor, CEO of Regal Partners — a leader who grew a long‑short shop into a A$21B multi‑strategy alternatives manager. He discusses why Australia matters for resources and AI demand. Conversation covers Regal's shift to diversified strategies, cross‑asset origination as an alpha source, and their four‑step investment and risk process.

Jonathan Lewinsohn, Co-Managing Partner of Diameter Capital Partners, a credit-focused investor managing multiple strategies. He discusses credit microcycles across AI, housing, telecom, chemicals, and healthcare. Topics include private credit and direct lending evolution, risks from legacy software and AI, pricing hard-to-value tech assets, insurer demand for investment-grade assets, and why macro awareness and ROIC-based underwriting matter.

Jonathan Lewinsohn, co-founder and portfolio manager at a multi-billion dollar credit firm with roots at Anchorage and Centerbridge. He discusses spotting COVID dislocations early, Diameter’s flat, process-driven credit platform, how they size distressed and illiquid trades, and the role of shorting and liquidity in avoiding crowding.

Lane MacDonald, CIO at SCS Financial and former Harvard allocator and U.S. Olympic hockey player, reflects on teamwork and alignment from sport to investing. He discusses domain expertise, picking the right sectors, co-investing mechanics, and building a team-oriented platform. Short, sharp takes on measuring managers, structuring co-invests, and why SCS leans into private markets and alignment.

Nick Rohatyn, founder and CEO of The Rohatyn Group, dives into emerging markets investing with insight drawn from his rich background in global finance. He shares lessons from his upbringing and his transformative years at J.P. Morgan, highlighting the importance of diversified, multi-asset strategies. Nick critiques emerging market benchmarks, advocating for smarter, benchmark-agnostic solutions. He discusses leveraging acquisitions for growth and emphasizes the necessity of cultural understanding in investment success. With an eye on the future, he outlines his vision for TRG's expanded role in the evolving landscape.