Abstract
The author, the chief investment officer at Arizona State Retirement System, shares perspectives and lessons learned from 4 decades of experience in private markets investing. <b>TOPIC:</b>Manager selection <b>Key Findings</b> • Private markets investing is business investing, and you need to focus on the quality of the business approach in creating a strategic advantage in the markets served. • Private markets investing is a hiring decision, and you need to assess the quality of the organization under consideration for a strategy. Management should be expected to demonstrate an ability not just to remain healthy but to grow and improve through the tenure of your relationship with them. • Managing cost of fees is important, but not sufficient to ensure success. Alignment of interest across a range of outcomes, not just the upside, should be given paramount importance in partnership structuring.
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